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Alibaba Daily Technical Analysis | 5 December 2017

2017-12-05 10:58 am | Resource: Technical Analysis Section | No Views : 281

Alibaba shares broke the rising trend line during the first trading sessions this month, as a result of the sellers' pressure on the American stock.

Alibaba Daily Technical Analysis | 5 December 2017

Currently, the pair is trading in a bearish direction as a result of the break of the bullish trend line as well as the formation of lower tops, the moving average and the slow moving average are negatively intersected and the intersection was confirmed with a break of 186.45 $.
The rate of change 12 is trading in a minor upside direction while the main direction is bearish.
It is expected that if the US stock breaks $ 169.60, it might target 164.37 levels on the other side, if the breach of 173.81 might target the 180.47 level.
Support: 169.60- 164.37- 158.44
Resistance: 176.21 - 179.83 - 191.66
Trend: Down


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