Alibaba tries to recoup losses - Analysis - 02-08-2022

Alibaba's stock (BABA) rose amid attempts to recoup some recent losses while venting off oversold saturation in the RSI, marking a profit of 1.09%, or 97 cents, and settling at 90.34, with trading volumes surpassing 36 million shares, above 10-day averages of 27 million shares, amid the dominance of the main downward trend in the medium term, with negative pressure from the 50-day SMA.

The giant tech company asserted it'll maintain its listing in both New York and Hong Kong and the SEC in the US put the company under risk of expelling lists.

Therefore we expect the stock to return lower, targeting the pivotal support of 81.80, provided the resistance of 102.70 holds on.

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Expected trend for today: Bearish