Alibaba Regains Important Bellwether Indicator: Is It A Trap?
Portfolio Pulse from Melanie Schaffer
Alibaba Group Holdings (NYSE:BABA) closed down 0.11% after rallying 8% on Friday to close above the 200-day simple moving average (SMA), an important bellwether. A death cross occurred on Alibaba’s chart on June 23, signaling a possible longer-term bear cycle. However, if the stock continues to trade above the 200-day SMA, a bullish golden cross could be on the horizon. Alibaba has resistance above at $96.17 and $104.44 and support below at $89.95 and $83.84.
July 10, 2023 | 7:59 pm
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Alibaba's stock closed down 0.11% after rallying 8% on Friday. If the stock continues to trade above the 200-day SMA, a bullish golden cross could be on the horizon, indicating a possible longer-term bull cycle.
Alibaba's stock price is currently fluctuating around the 200-day SMA, which is a key technical indicator. If the stock continues to trade above this level, it could signal a bullish trend. However, a death cross occurred on June 23, which could indicate a longer-term bear cycle. The stock's future direction will depend on whether it can maintain its position above the 200-day SMA.
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