– Alibaba Group falling inside impulse wave 5
– Likely to fall to support level 66.80
Alibaba Group falling strongly inside the minor impulse wave 5, which started earlier from the key resistance level 77.70 (which stopped wave a in December).
The resistance level 77.70 was strengthened by the upper daily Bollinger Band, resistance trendline of the daily down channel from July and by the upper daily Bollinger Band.
Given the clear daily downtrend, Alibaba Group can be expected to fall further to the next support level 66.80 (former monthly low from January).
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