– 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.
- WTI broke daily Triangle - Likely to rise to resistance level 70.90 WTI crude…
- AUDUSD reversed from resistance level 0.6270 - Likely to fall to support level 0.6200…
- Nasdaq 100 reversed from strong support level 21000.00 - Likely to rise to resistance…
- USDJPY reversed from key support level 156.35 - Likely to rise to resistance level…
The recent declines in US indices may have broken the bullish trend, indicated by technical…
The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…
This website uses cookies