Alibaba (US: GS) had a strong start into January 2020, where prices closed above historical high of 230. However, Alibaba begin to see an incoming bear when the rebound on 27th January failed to close above 225.00. Based on the technicals, Alibaba will continue to fall further.
*The technical call is valid for 3 weeks only.
*Should price breaks above the invalidation level of 222.50, the whole wedge formation will be invalidated and price may continue to 240, breaking the previous high of 230.00
Red line = 200 SMA Line
Blue line = 50 SMA Line
Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!Featuring regular TA posts and requests to analyse specific stocks