Alibaba (BABA) Is Bouncing, Beware Of This Resistance Level
Alibaba Group Holding Ltd (BABA) is one of the leading Chinese ADRs in the world. The stock had come under some serious pressure over the past few months. Alibaba (BABA) stock topped out on October 27th, 2020 at $319.32 a share. Since that high pivot, the stock price declined as low as $211.23 a share on December 24th, 2020. This was a quick loss of more than $100.00 a share in just about 2 months time. Recently, the stock has been bouncing and rallying higher again. Traders must now watch for very important resistance around the $280.00 area. This is a major gap window from November 10th, 2020. It is also a major retrace level that should add to the strength of the resistance area. Currently, Alibaba (BABA) stock is trading around $268.00 a share.
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