BABA rallies 2.05% closing $4.24 higher


Alibaba Group (BABA) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
BABA rallies 2.05% closing $4.24 higher
BABA dominated by bulls lifting the market higher throughout the day
BABA ends the day on a bullish note closing near the high of the day
BABA pushes through previous session high
BABA rises to highest close since Inception
TQ Sentiment
Report Sentiment: 57% Bullish
Technical Forecast:
Overview

BABA ended Thursday at 210.86 surging $4.24 (2.05%). This is the biggest single day gain in over a week. Today's closing price of 210.86 marks the highest close since Inception. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 209.65, the market confirms its breakout through the prior session's high having traded $1.47 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for BABA
Volatility

Thursday's trading range was $3.61 (1.74%), that's slightly below last trading month's daily average range of $4.00. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to the key resistance level at 211.70.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 206.60 where further sell stops could get activated.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a very bullish sentiment.

Market Conditions for Alibaba Group
Condition Forecast Direction Win Avg Worst Best Events
2 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Strong Down Move TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
Gap Down TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

BABA slumps -2.67% on high volume

Aug 14, 2018
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