Alibaba trapped in a hesitant place - Analysis - 17-08-2022

Alibaba Group's stock (BABA) fell in the intraday levels amid pressure from the 50-day SMA, with negative signals from the RSI after reaching overbought levels, marking a loss of 1.65%, or 1.55 points, and settling at 92.65, while still rising alongside the upward short-term correctional trend line. 

Therefore we expect more losses for the stock, targeting the support of 88.00, provided the resistance of 102.70 holds on.

Open Live Trading Account

Expected trend for today: Bearish