Alibaba Group (NYSE:BABA) has broken below its 50-MA line and could be heading for 200-MA. There is a good chance of Alibaba Group hitting trendline support at 242 while its upside is capped at 295.
With China drafting up their first antitrust rules to curb power of tech companies, we probably could see more clarity these rules and its implications on Big Chinese tech companies beyond November as Chinese regulators are seeking public feedback until November 30.
First Support: 268
Second Support: 254
Final Support: 242