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Alibaba drop by 8% or when to pick up this techno miracle?


We have all heard about the 8% fall of the Alibaba Group (https://www.tradingview.com/x/FQD8b3LW/) on the Hong Kong Stock Exchange.

Antitrust investigation against a company that threatens to rip up Ma’s business. He even offered, as it turned out, Ant funds, whose IPO we recently talked about. But China is not the United States, which could turn out to be an extremely controversial issue.

I will try to show my vision in terms of technical analysis.

👉🏻 Moving averages MA 50/200 pass at levels around 240 on the daily and weekly charts. Therefore, the price range of $ 240-245 is quite important and there will be a struggle for it. But there is a big minus – there is practically no traded volume at this level. The price may simply have no one to cling to.

Therefore, this level of the first purchase is for you if you did not have a position in Alibaba before.

👉🏻 Closer to the price of $ 220 are the 2020 gap and the double top, after which the explosive growth of quotations began. These marks are already for those who bought Alibaba at prices above $ 260. Here is your buy zone. But I advise you not to do this with all the funds allocated for Alibaba.

👉🏻 Because there is a 3rd buying start point and the most severe resistance range. it starts at $ 205 and goes up to $ 170. This is a wide range of trade, and it is quite difficult to imagine Alibaba below. Starting from the prices of $ 205, both those who buy now at $ 240 and those who bought higher buy in addition.

And be aware of the long Chinese holidays imminent, and the company’s possible extremely strong post-sell-off report.

Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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