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Alibaba Daily Technical Analysis | 8 November 2017

2017-11-08 04:19 am | Resource: Technical Analysis Section | No Views : 275

Alibaba failed to break the $ 176.21 level and rebounded to 188.79 levels. Currently, the American stock is trading in a bullish direction in formation, and this trend suffers from the formation of a lower peak than the other.

Alibaba Daily Technical Analysis | 8 November 2017

The moving average and the slow moving average are positively cross and need to breach the 188.79 level to confirm that breakout.
The rate of change 12 is trading in a major bullish trend and currently buyers are suffering from weak momentum as the index failed to stabilize above the secondary descending trend line.
It is expected that the break of Alibaba shares level of $ 188.79 may target 194.59 levels on the other side in case of breaking the level of 186.80 may target the level of 182.46.
Support: 176.21- 179.83 - 184.65
Resistance: 188.79 - 194.59 - 200.61
Trend: Up


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