Why Alibaba Group might hit 71.00? Is Trending Right Now
Hello guys!
And here is why:
1.) On the daily chart, the price has already been in a descending trend since the beginning of July 2022 to date
2.) Price is now testing a key level at 79.80 where the previous swing low in May 2022 sits- prices have fallen about 42% since Jan 2022
3.) There might be some potential pull back to catch the bearish momentum with a potential sell entry but if bearish momentum continues, we're looking for the price to go further down to the 71.00 level where the previous swing low sit
4.) With all the news about Alibaba being added to the SEC's delisting watchlist, we're fundamentally looking at a further downside to Alibaba.
Does anyone have a similar bearish view?
Trade Entry recommendations:
Sell Entry: 82.25
Take Profit: 72.00
Stop Loss: 92.30
Other tickers to recommend:
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eldemoniodejaime : Funny name Richard
Lee Kuan YewOP eldemoniodejaime: :P
eldemoniodejaime eldemoniodejaime: Funny na … fk it I’ll take the compliment thank you. Yours is funnier though