1 1 correctly predicted forecast
Send me real-time posts from this site at my email
Fan Yang

Alibaba (BABA) - Anticipating Support in the $160-$165 Area

Alibaba $BABA has been consolidating, and possibly completing a price top. This comes after a very strong rally in 2017. 

BABA Daily Chart

(click to enlarge)

Common Support:
- As we can see on the daily chart, shares of Alibaba has fallen back to a common support going back to August 2017, around $165.
- Meanwhile, the RSI is dipping below 30.
- Because the prevailing trend is bullish, these signs suggest we should anticipate support here. 
- I think the 160-$165 area will provide support.
- Below $160, we should anticipate a slide towards the $148-$150 support/resistance pivot area.