Wednesday, November 11, 2020

Alibaba Group (NYSE:BABA) No Bottom In Sight.

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. 

Resistance: 295

First Support: 268

Second Support: 254

Final Support: 242

All posts and charts are for educational and illustration purposes only

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