- Alibaba broke key resistance level 147.70
- Likely to rise to resistance level 170.00
Alibaba Group has been rising sharply in the last few trading sessions after the earlier breakout of the key resistance level 147.70 (which stopped the previous wave (A) in the middle of March, as can be seen below).
The breakout of the resistance level 147.70 was preceded by the breakout of the 2 daily up channels from July and April - which accelerated the active impulse wave (C).
Given the strong daily uptrend, Alibaba Group can be expected to rise to the next round resistance level 170.00, the target for the completion of the active impulse wave (C).
- Likely to rise to resistance level 170.00
Alibaba Group has been rising sharply in the last few trading sessions after the earlier breakout of the key resistance level 147.70 (which stopped the previous wave (A) in the middle of March, as can be seen below).
The breakout of the resistance level 147.70 was preceded by the breakout of the 2 daily up channels from July and April - which accelerated the active impulse wave (C).
Given the strong daily uptrend, Alibaba Group can be expected to rise to the next round resistance level 170.00, the target for the completion of the active impulse wave (C).
Alexander Kuptsikevich,
Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Alexander Kuptsikevich,
Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.