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Alibaba 26/04/2016

BABA 26042016

BABA (NYSE) has broken out of the down channel with convincing volume on the breakout candle. However, there was not follow through actions from the market and the volume seems weird, insanely low. It seems like there are something wrong with the volume, could be the chart provider’s issue. In addition, MACD is showing a divergence with price.

I maintain my bearish sentiments on BABA.

Resistance is around @ 82.

Possible Price Retracement to around @ 74.3

Sell on strength.

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Posted on April 26, 2016, in Others and tagged . Bookmark the permalink. Leave a comment.

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