ALIBABA GROUP HOLDINGS LTD.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 78.10 |
| Take Profit | 85.30 |
| Stop Loss | 75.00 |
| Key Levels | 67.00, 74.00, 75.00, 76.00, 78.00, 85.00, 85.30 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 73.80 |
| Take Profit | 67.00 |
| Stop Loss | 76.00 |
| Key Levels | 67.00, 74.00, 75.00, 76.00, 78.00, 85.00, 85.30 |
Shares of Alibaba Group Holdings Ltd., one of the largest companies in the field of Internet commerce, are corrected at 76.00.
On the daily chart, the price is trying to leave the local downward corridor with dynamic boundaries of 74.00–67.00, trading just above the resistance line.
On the four-hour chart, the potential for further growth increased after the quotes consolidated above the channel resistance line of 74.00. Now, the main resistance is the year’s high of 78.00, after consolidation above which, the price may reach the local resistance level of 85.00.
Technical indicators have given a buy signal: fast EMA on the Alligator indicator are above the signal line, and the AO histogram is forming ascending bars, increasing in the positive zone.
Trading tips
Long positions may be opened after the price rises and consolidates above 78.10 with the target at 85.30. Stop loss – 75.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 73.80 with the target at 67.00. Stop loss – 76.00.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.