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Alibaba Group Holdings Ltd.: technical analysis 03.04.2024
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on Alibaba Group Holdings Ltd. for a better understanding of the current market situation and more efficient trading.
Shares of Alibaba Group Holdings Ltd., one of the largest companies in the field of Internet commerce, are corrected at 73.00.
On the daily chart, the price is moving within the Triangle pattern with dynamically narrowing boundaries of 77.00–70.00, trading slightly above the support line.
On the four-hour chart, the quotes consolidated above the local low within the formation of 71.00, confirming the likelihood of further growth. A consolidation above the high of 74.00 allows the asset to reach the resistance level of 78.00.
Technical indicators are ready to reverse and give a buy signal: fast EMA on the Alligator indicator are below the signal line, narrowing the range of fluctuations, and the AO histogram forms ascending bars, decreasing in the sales zone.
Trading tips
Long positions may be opened after the price rises and consolidates above 74.20, with the target at 78.00. Stop loss – 72.00. Implementation period: 7 days or more.
Short positions may be opened after the price declines and consolidates below 70.90, with the target at 67.00. Stop loss – 72.00.
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