Alibaba - Back to bearish (not)?
Atualizado
Hello Traders and Investors, today I will take a look at Alibaba.
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Explanation of my video analysis:
After Alibaba broke below the major support trendline in 2021 we saw a massive correction of -75% towards the downside. Alibaba was then retesting another major level, this time a previous support area which is at $60. So far Alibaba stock is still respecting the bearish trendline, but it is just a matter of time until we will see a bullish trading opportunity on this stock.
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Keep your long term vision,
Philip (BasicTrading)
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Explanation of my video analysis:
After Alibaba broke below the major support trendline in 2021 we saw a massive correction of -75% towards the downside. Alibaba was then retesting another major level, this time a previous support area which is at $60. So far Alibaba stock is still respecting the bearish trendline, but it is just a matter of time until we will see a bullish trading opportunity on this stock.
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Keep your long term vision,
Philip (BasicTrading)
Comentário
Quick update on Alibaba:It seems like Alibaba is rejecting the trendline resistance towards the downside.
If we do get another retest of the horizontal support, we can expect another reversal.
Levels to watch: $59, $79
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Keep your long term vision.
Click here: basictrading.net
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Keep your long term vision.
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