Alibaba quotes continue to move as part of the rise and the start of working out the ”Wedge” model. Moving averages indicate a short-term bearish trend for Alibaba. Prices moved up from the area between the signal lines, which indicates pressure from buyers of securities. At the time of publication of the forecast, the share price is 217.76. As part of the forecast, we should expect an attempt to develop a correction and a test of the support level near the 205.05 area. Further, the rebound and the continuation of the rise in the value of securities. The potential target of such a movement is the area above the level of 270.05 in July 2021.
Alibaba Forecast and Analysis for July 2021
An additional signal in favor of raising the BABA quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the ”Wedge” pattern. Cancellation of the growth option for the BABA stock price will be a fall and a breakdown of the level of 195.05. This will indicate a breakdown of the support area and continued fall into the area at 165.00. Expect an acceleration in the rise of shares with the breakdown of the resistance area and closing above the level of 235.05.
Alibaba Forecast and Analysis for July 2021 suggests the development of a correction and a test of the support area near the 205.05 level. Where can we expect a rebound and an attempt to continue the rise of the pair to the area above the level of 270.05. A test of the trend line on the relative strength index (RSI) will be in favor of the growth of the currency pair. Cancellation of the BABA rise option will be a fall and a breakdown of the level of 195.05. This will indicate a breakdown of support and a continued fall in value to the area below the level of 165.00.
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