Alibaba climbs within negative zone - Analysis - 22-10-2018

Chinese Alibaba's stock steadied below the resistance of 148.85, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the medium term (from 86.01 to 211.70), and scoring a profit of 0.64%, or 0.91 points, with negative pressure from the 50-day SMA. 

Therefore we expect the stock to lose ground as long as it settles below the resistance of 148.85, targeting the next support at 134.02, which represents the ratio 61.8% of the same retracement levels. 

Expected trend for today: Likely Bearish