Technical analysis of Alibaba Group Holding Limited

Since March 2022, Alibaba Group Holding shares have been trading in a range between 80 and 120 USD. On September 19, a breakdown of the lower boundary of the range occurred, which led to a fall in quotes and a minimum of 58 USD. On November 28, 2022, the shares, having overcome the level of 80 USD, returned to the previous trading range and continued to trade in it until November 12, 2023. On November 13, another breakdown of the lower boundary of the range took place, which indicates a high probability of the price returning to the minimum of 2022 - the level of 58 USD. But news about insider purchases of Alibaba shares and incentives from the Chinese government stopped the fall of the securities and even contributed to their growth from 67 to 74 USD. If stock quotes can again overcome the resistance at 80 USD, then given the positive news background, the stock price may reach the upper limit of the range at 120 USD. Otherwise, we will again see a test of the low at 58 USD.