Alibaba Wave Analysis – 24 June, 2020

• Alibaba reversed from resistance level 230.00

• Likely to fall to 220.00

Alibaba group recently reversed down from the multi-month resistance level 230.00 (which stopped the extended daily uptrend at the start of this year) – strengthened by the upper daily Bollinger band.

The downward reversal from this resistance level stopped the earlier short-term impulse wave (iii) from the middle of June. Given the overbought reading on the daily Stochastic indicator – Alibaba group is likely to fall further toward the next support level 220.00 (low of the previous minor correction).