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Alibaba Daily Technical Analysis | 4 January 2018

2018-01-04 11:39 am | Resource: Technical Analysis Section | No Views : 320

Alibaba shares broke through the bearish trend line as it broke through the upper leg of the classic symmetrical triangle pattern on the hourly opening as the New Year opened.

Alibaba Daily Technical Analysis | 4 January 2018

During yesterday's trading, the pair broke through the US $ 180.64 and continued to rise as far as 185.61 zones.
The SMA is positively intersecting with the slow moving average and a breakout of 176.55 was confirmed.
Change Rate Index 12 The trend line broke through the middle of the second trading day of the new year.
It is expected that, as long as the American stock is trading above the upper limit of the classical model, it might target the 185.61 level on the other side in case, a break of 180.64 might target 172.72.
Support: 180.64 -169.60- 164.37
Resistance: 185.61 - 191.66 - 195
Trend: Up

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