Alibaba
Group shares (NYSE:BABA) is generally a rough and choppy market. In the
long-term, there is no directional movement. However, there is a directional
movement in the short-term.
In the
short-term, the ADX period 14 is at the level 20, showing a lack of momentum in
the market. Nonetheless, the -DI is above the +DI, showing some bullishness in
the market.
The MACD
default parameter, has its signal lines and histogram below the zero lines.
There is a Bearish Confirmation Pattern in the market. This means price could
go further southwards.
Alibaba
Group should continue to go downwards, especially in the short-term, with
immediate targets at the support levels of 180.00, 170.00 and 160.00. The
current rally is just a bounce in the context of a short-term downtrend.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Traders’ realities: Trading realities
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