ALIBABA GROUP HOLDINGS LTD.: TECHNICAL ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY STOP |
| Entry Point | 81.50 |
| Take Profit | 87.60 |
| Stop Loss | 80.00 |
| Key Levels | 72.00, 74.60, 74.90, 78.00, 80.00, 81.50, 84.00, 87.60 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 78.00 |
| Take Profit | 72.00 |
| Stop Loss | 81.00 |
| Key Levels | 72.00, 74.60, 74.90, 78.00, 80.00, 81.50, 84.00, 87.60 |
Shares of Alibaba Group Holdings Ltd., one of the largest companies in the field of Internet commerce, are trading at 80.00.
On the daily chart, the price is moving within the correction trend, forming an ascending channel of 84.00–74.60.
On the four-hour chart, the probability of further growth will increase significantly after the quotes consolidate above the high of 80.50. The most serious support level is the high of early February of 74.90. Consolidation below will allow the asset to reach the support line of the recent ascending channel 78.00. A breakdown will signal a reversal and subsequent decline.
Technical indicators reinforce the buy signal: fast EMA on the Alligator indicator are above the signal line, expanding the range of fluctuations, and the AO histogram forms ascending bars, increasing in the buy zone.
Trading tips
Long positions may be opened after the price rises and consolidates above 81.50, with the target at 87.60. Stop loss is 80.00. Implementation period: 7 days or more.
Short positions may be opened after the price falls and consolidates below 78.00, with the target at 72.00. Stop loss is 81.00.
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