novvoll12
Long

BABA 82.84-Falling trendline upside break projects higher

NYSE:BABA   ALIBABA GROUP HLDG LTD
111 0 1

BABA recovered strongly from the 76.21 YTD low (July 7, 2015) above an 8-week falling trendline (from May 22, 2015 high) to suggest basing and trigger further gains towards 86.34 (June 23, 2015 high) which is near the 9-month falling wedge resistance (from November 13, 2014 peak). A decisive push through there would confirm a wedge breakout and bolster higher for 87.48/91.40 initially. The 80.21 level (July 15, 2015 low) provides immediate support. Below would shift the focus back to the 76.21 support.
Outlook:
Short term: bullish
Long term: bullish
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