Alibaba: Short-Term Bullish Momentum Could Be At Play
| Jan 07, 2022 06:05AM ET
When we look at Alibaba’s (NYSE:BABA) chart, we can see the downward trend since the start of the week, falling from $124 to $120 and then to $116, which can be now deemed as support.
However, on Jan. 6, there was a 6% morning spike, showing preliminary signs that maybe the stock could reverse the month’s long downward trend.
Alibaba was trading at $126, close to the temporary overhead resistance of $128 and closest support at $120.
Today we could expect a move above the $128 resistance level, as the short-term momentum could be at play.
If it doesn’t hold the $126 level, a retraction back to the $120 level is likely.
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