Economies.com provides the latest technical analysis and forecast of the american stocks, in order to keep track of the trend of the US stocks.
Chinese Alibaba's stock rose in the intraday levels, retesting 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), while trying to vent off oversold saturation in the RSI, and scoring a profit of 3.80%, or 5.39 points, with negative pressure from the 50-day SMA.
Therefore we expect the stock to return lower, targeting the next support at 134.02, representing the ratio 61.8% of the same retracement levels, as long as it settles below 148.85.
Expected trend for today: Likely Bearish