Today’s instrument is the Alibaba Group Holding Ltd‘s stock traded on the NYSE exchange under the ticker BABA.
When we look at the BABA‘s chart, we see its run from the $114 range at the start of last week, to the $118 range, briefly reaching highs of $120 but then experiencing a retraction to the $109 where it formed to support. During Friday’s session, the market bought the dip raising it from $109 to $120, but once again it erased all its gains before the close of the session. It was last found trading in the $110 range, having the closest support level at $109 and a temporary overhead resistance level at $113.
Today we can expect a move towards the $113 or consolidation at the current level.
If however, it doesn’t manage to hold on to the current level then a move towards and below the $109 closest support level can be expected.
(Click on image to enlarge)
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