Alibaba in a supporting stage

9 thg 12, 2021

After a massive decline in Alibaba's stock price since one year ago, it oscillates in a downtrend channel. At the moment the price was supported through the bottom of regression channel. If it breaks the resistance on $130, then the next target will be $158 (technically a gap filling). Breaking $114 in weekly time frame might lead to a further decline toward $84. But the second scenario is unlikely plausible, since it already passed the oversold region and the RSI as well as the slow Stochastic shows an uptrend movement.
Please notice that this is a personal analysis and should not be used to make any decision.