Alibaba stock (NYSE:BABA) has been engaged in what is best known as zigzag movement since January 2020. Price dipped from January to March, rose in April and May and has currently dipped again.
Buyers have failed to prevent further dip as price is now staying below
the EMA 21, while William’s % Range period 20 is going into the oversold
region. Once another candle opens below the EMA 21 and Williams’ % Range goes
into the oversold region, the current bearish effort would be confirmed and
remain successful.
The possibility of BABA going further downwards is higher than its
possibility of going upwards, so sellers could win in the long run. Potential
targets remain at the accumulation territories at 190.00, 180.00 and 170.00.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
Source: http://uk.advfn.com/newspaper/authors/azeez-mustapha
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