ALIBABA Rejected on a huge Resistance cluster. Levels to watch.

The Alibaba Group (BABA) is pulling back after being rejected not just on the 1D MA200 (orange trend-line) but also at the top (Lower Highs trend-line) of the Falling Wedge pattern holding since the October 20 2021 High.

This is a huge Resistance cluster as the RSI on the 1W time-frame also got rejected near its 54.00 Resistance. Technically, if the 1D MA50 (blue trend-line) breaks, the stock can test the 58.15 Support, even make a Lower Low on the -0.136 Fibonacci extension.

The MA trend-line that has been unbroken the longest (since February 25 2021) is the 1W MA50 (red trend-line). As a result, if the price breaks above, naturally it will be a break above the 1 year Falling Wedge too, it should restore the bullish trend on the long-term. The first target in that case will be the previous High at 126.20.



-------------------------------------------------------------------------------

** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **

-------------------------------------------------------------------------------

You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇