Alibaba found support at 250-255usd area and bounced back to 280usd which is my December target. A retest of previous support (255usd) is possible. We should wait for MA bullish cross and break of the bearish resistance line. Daily and 4h RSI is just above oversold line.
Note
Bulls were trapped and are now waiting at 255 support area. It looks like a bearish downtrend is quite strong. Let's wait for a few days and see what happens. Baba is coming in oversold area which is a good sign for bulls.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.