BABA 79.74 bearish – The 86.42 area near key retracement caps
BABA 79.74 bearish – The 86.42 area near key retracement caps
BABA was capped in the 86.42 area (November 2, 2015 high) near 76.4% of the 95.06/57.20 fall. Last week’s downside reversal signals further weakness towards the 75.64 range support (November 9, 2015 low). Below lies the 71.49 retracement level (50% of 57.20/86.42 rise) where bulls may find a foothold.
However, an upside push through the 85.82/86.42 resistance zone (November 2/30, 2015 highs) would suggest end of the consolidation and resume gains towards 95.06 (May 18, 2015 lower high).
Outlook:
Daily: bearish
Weekly: neutral
BABA was capped in the 86.42 area (November 2, 2015 high) near 76.4% of the 95.06/57.20 fall. Last week’s downside reversal signals further weakness towards the 75.64 range support (November 9, 2015 low). Below lies the 71.49 retracement level (50% of 57.20/86.42 rise) where bulls may find a foothold.
However, an upside push through the 85.82/86.42 resistance zone (November 2/30, 2015 highs) would suggest end of the consolidation and resume gains towards 95.06 (May 18, 2015 lower high).
Outlook:
Daily: bearish
Weekly: neutral
