Categories: Technical analysis

Alibaba Wave Analysis – 6 July, 2020

• Alibaba broke key resistance level 230.00

• Likely to rise to 240.00

Alibaba recently broke with the sharp upward gap above the key resistance level 230.00 (former multi-month high from January and June).

The breakout of the resistance level 230.00 should accelerate the active different-length impulse waves (iii), 3 and (3). Alibaba is likely to rise further toward the next resistance level 240.00. Strong support now stands at the price level 230.00.

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.

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Tags: BABA

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