Alibaba Group Holding Limited shares (NYSE:BABA) are essentially weak. The recent bullish attempt that was started in January 2021, got halted in February, and since then, price has been coming down.
In this market, any rallies should simply be taken as opportunities to go
short in the market. Price has gone below the lower Trendline and it is
expected to trend lower and lower.
The RSI period 14 is around the level 40, further supporting the
bearishness in the market. It is not yet prudent to go long in this market, for
further journey to the south is anticipated.
The outlook on BABA remains bearish for this year and price could reach
the demand levels at 200.00, 175.00 and 150.00.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Teach Yourself Technical Analysis: Teach Yourself Technical
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