Alibaba regains footing - Analysis - 27-05-2016

Chinese Alibaba's stock returned higher in the intraday levels, scoring a profit of 3.65% in the last session, or 2.76 points, after the stock leaned on the pivotal support of 76.13, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the medium term (from 95.06 to 57.20), lending it positive momentum that helped it rise. 

Therefore we expect more gains to come for the stock, targeting the resistance of 80.60, which represents the ratio 61.8% of the same retracement levels mentioned earlier.