Stock market: Alibaba faces an obstacle
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Trade ideas
SELL 175.50; TP 168.00; SL 177.00
SELL 163.00; TP 155.00; SL 166.00
BUY 181.00; TP 188.00; SL 178.00
Last week the stock of Alibaba rallied. The price moves close to the resistance line connecting April and July highs and the 100-week MA in the 175.00 area. The third time the price approaches this line is a potentially good moment for entering short positions. Keep an eye on reversal patterns in the 175.00/176.00 area. The downside targets will be around 167.70 (50-day MA). The decline below the 50-week MA at 163.70 will open the way down to 155.00 (support line).
On the upside, we will turn bullish in case of a break above 180.00 (July high). The target will be around 188.00.
