Alibaba retests downward trend line - Analysis - 07-12-2018

Alibaba's stock fell in the intraday levels, thus leaning on the support of the 50-day SMA while retesting the downward correctional trend line that was breached recently in the short term, while trying to vent off overbought saturation in the RSI as it also gathered momentum to help it rise anew. 

Therefore we expect the stock to rebound and target the resistance of 169.84, provided the support of 152.68 holds on. 

Expected trend for today: Likely Bullish