Alibaba hints at more gains - Analysis - 18-08-2016

Chinese Alibaba's stock rose in the intraday levels, scoring a profit of 0.35% in the last session, or 0.34 points, as the stock settles above the support of 96.01, representing the ratio 61.8% of Fibonacci retracement levels for a descending wave in the long term (from 120.00 57.20), after the stock fell previously on profit-taking and to lean on that support to gain positive momentum. 

Therefore we expect more gains to come for the stock, targeting the resistance of 106.56, which represents the ratio 78.6% of the same retracement levels mentioned earlier, provided it settles above 96.01.