BABA rallies 2.05% closing $4.24 higher
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.
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.
Prices are trading close to the key resistance level at 211.70.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 206.60 where further sell stops could get activated.
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
|Close to R1 Resistance||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Up Close near high of period||TQ Pro Members Only|
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