Technical Pulse: Alibaba Group Holding Ltd October 4, 2022 238


Alibaba Group Holdings Ltd (NYSE: BABA) A potential bullish reversal to the upside  as:   


  1. The formation of a bulish hammer candlestick on 3 October at the confluence of the double bottom and bullish falling wedge support level of 78.00 points towards a bullish upside.
  2. The Relative Strength Index (RSI) technical indicator is displaying increasing momentum while the stock is consolidating at the double bottom support area which points to a bullish upside.
  3. The price could reach the resistance level at 90.50 which is confluence of the 50% Fibonacci retracement level resistance, with the swing high of 104.85 and swing low of 76.28 as points of reference and Ichimoku base line resistance at 90.56.


*Expected timeline of the trade is 13 weeks from the date of report issuance.




Red box = Resistance zone

Green box = Support zone

Blue line = Conversion line


Red line = Base line


Red area = Ichimoku cloud

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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