Alibaba may rise to 130.20 - 135.50

Our pivot point stands at 103.8.

Our preference

The upside prevails as long as 103.8 is support.

Alternative scenario

Below 103.8, expect 95 and 89.8.

Comment

The RSI is trading above 70. This could mean that either the stock is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day moving average (respectively at 93.65 and 85.685).

Supports and resistances

140.9 **

135.5 *

130.2 **

124.8

112.84 (USD-last)

107.2

103.8 **

95 *

89.8 **

Number of asterisks represents the strength of support and resistance levels.