Stock of the day: Alibaba

By Tomasz Wisniewski|

Published: June 05 2024, 08:27 GMT+0

Stock of the day: Alibaba

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In today’s stock of the day, I would like to discuss Alibaba. Alibaba experienced an impressive first half of May, but subsequently, it gave back all the gains in the second half. So, what is happening now?

Currently, the price is just one step away from a major signal to sell. At the beginning of May, Alibaba managed to break a key horizontal resistance marked with orange and a dynamic downtrend line, which initially gave a signal to buy. However, after reaching local highs, the price reversed, and we are now testing this support from the top rather than the bottom.

If the price breaks below the orange area and closes the day below it, this will signal a sell, effectively canceling the optimism from May. The chances for a bearish breakout are slightly higher because May showed us that buyers wasted a great opportunity for a long-term buy signal, indicating they lack the strength to push prices higher.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-alibaba-7

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