Alibaba Stock Chart Analysis: Major Support Just Hit
Shares of Alibaba Group Holdings Ltd (BABA) are being slammed today after the Chinese government initiated anti-trust proceedings. The collapse has been epic with the stock down today over 15%. In addition, Alibaba is down from a 52 week high in September 2020 of $320.00. That means Alibaba has lost almost 33% of its value in just a few months. Having said that, Alibaba stock chart analysis signals a major support level was tagged today. Looking at the Alibaba stock chart analysis, there is a clear, major support from 2018 at $211.50. The low on Alibaba today was $211.23. With the stock lower by 33% and having hit this major support level, buyers should accumulate a position. Will Alibaba be hurt by these anti-trust proceedings? Possible, slightly…but remember, this is the poster child for China. They likely will not wreck this company considering it stands out as the biggest publicly traded company in the United States. If they wreck it, expect the US to really move against future Chinese listings here against the US as millions of Americans would be hurt by it. Overall, China will likely fine them and let them get back to work.
Alibaba Stock Chart Analysis shows the key support below in the chart…
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