Today’s instrument is the Alibaba Group Holding Ltd. stock traded in NYSE exchange under the ticker BABA.
When we look at the BABA chart, we can see the downward trend since the start of the week, falling from $124 to $120 and then to $116 which can be now deemed as support. However, yesterday, January 6th, there was a 6% morning spike, showing preliminary signs that maybe the month’s long downward trend could be reversed. It was last found trading at $126 close to the temporary overhead resistance of $128 and closest support at $120.
Today we could expect a move above the $128 resistance level, as the short-term momentum could be at play.
If however, it doesn’t manage to hold the $126 then a case for a retraction back to the $120 could be expected.
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