Categories: Technical analysis

Alibaba Wave Analysis 13 June 2024

– Alibaba broke key support level 78.00

– Likely to fall to support level 74.00

Alibaba Group today opened with the downward gap breaking below the key support level 78.00 (which has been reversing the price from the middle of May).

The breakout of the support level 78.00 coincided with the breakout of the 61.8% Fibonacci correction of the previous upward impulse C from April.

Given the strength of the active impulse waves 3 and (C) and the weekly downtrend, Alibaba Group can be expected to fall further to the next support level 74.00, former support from the end of April.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

Share
Published by
The FxPro Tech Analysis Team
Tags: Alibaba

Recent Posts

FTSE 100 Wave Analysis – 17 March 2025

FTSE 100: ⬆️ Buy - FTSE 100 reversed from key support level 8425.00 - Likely…

10 hours ago

Alibaba Wave Analysis – 17 March 2025

Alibaba: ⬆️ Buy - Alibaba broke the key resistance level 145.00 - Likely to rise…

10 hours ago

EURNZD Wave Analysis – 17 March 2025

EURNZD: ⬇️ Sell - EURNZD reversed from long-term resistance level 1.9160 - Likely to fall…

14 hours ago

AUDUSD Wave Analysis – 17 March 2025

AUDUSD: ⬆️ Buy - AUDUSD broke resistance level 0.6350 - Likely to rise to resistance…

14 hours ago

Weak US retail sales might boost stocks

Weak US retail sales are adding to concerns of a potential recession, putting pressure on…

16 hours ago

Dow Jones: Rebound or Rally? The Fed Holds the Key

The Dow Jones rebound depends on the Federal Reserve's monetary policy and incoming data. It…

17 hours ago

This website uses cookies