Alibaba may rise to 120.90 - 126.30

94.6 is our pivot point.

Our preference

As long as 94.6 is support look for 120.9.

Alternative scenario

The downside breakout of 94.6 would call for 85.6 and 80.3.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The stock could retrace in the short term. Moreover, the stock is trading under its 20 day moving average (104.099) but above its 50 day moving average (90.8626).

Supports and resistances

131.9 **

126.3 *

120.9 **

115.4

101.84 (USD-last)

98.1

94.6 **

85.6 *

80.3 **

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