It can be seen that the stock has been in a clear downtrend recently.
Looking from 17.2.21, when the declines began, we see a descending diagonal resistance line.
On the chart, one can see the descending resistance line the stock is in, while it is supported at $138-$140.
As of now, we can see an attempt to break out of the resistance line; if we close the day with the candle above the line (above $174-$172), an upward move in BABA stock is expected.
The next resistance point is around $200. (marked in yellow on the chart.)
Note: For a breakout, we want to see increasing trading volume!
We have also added (marked in blue) a unique indicator called AD, exclusive to FXG software; it is an excellent indicator that shows us institutional money entering the stock!
Also attached is a tool called Kagi from FXG software, which indicates the trend; when the Kagi is green, it indicates an uptrend has begun, and vice versa. (in the bottom image)
- Nothing stated herein constitutes a recommendation to act - The use of this information is solely at your own risk!