MichaelGLamothe
Long

BABA catching support as 10dma crosses above the 21dma

NYSE:BABA   Alibaba Group Holdings Ltd
184 0 3
Since hitting its peak on 11/10 BABA has pulled back into the 50dma and bounced off of it cleanly. It did this in a successive 3 waves down pattern highlighted in the chart. In doing so, it encountered resistance all along the blue descending trend line (also shown in the chart). On 12/17 BABA broke above the blue descending trendline , the 10dma, and the 21dma. Today what was once resistance is now starting to become support as the 10dma crosses back above the 21dma.
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