Alibaba - Back to bearish (not)?

Jun 3, 2024

Hello Traders and Investors, today I will take a look at Alibaba.

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Explanation of my video analysis:

After Alibaba broke below the major support trendline in 2021 we saw a massive correction of -75% towards the downside. Alibaba was then retesting another major level, this time a previous support area which is at $60. So far Alibaba stock is still respecting the bearish trendline, but it is just a matter of time until we will see a bullish trading opportunity on this stock.

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Keep your long term vision,
Philip (BasicTrading)

Jun 11, 2024

Note

Quick update on Alibaba:

It seems like Alibaba is rejecting the trendline resistance towards the downside.
If we do get another retest of the horizontal support, we can expect another reversal.

Levels to watch: $59, $79