BABA pushes through key resistance level


Alibaba Group (BABA) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
BABA pushes through key resistance level
BABA runs into sellers around 180.45 for the third day in a row
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 rises to highest close since August 3rd
TQ Sentiment
Report Sentiment: 44% Bullish
Technical Forecast:
Overview

BABA ended the week -0.46% lower at 180.01 after gaining $2.82 (1.59%) today. Today's closing price of 180.01 marks the highest close since August 3rd. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for BABA
Volatility

Friday's trading range was $5.70 (3.25%), that's above last trading month's daily average range of $4.55. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Price Action

In spite of a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 177.49 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 182.04. Alibaba ran into sellers again today around 180.45 for the third trading day in a row after having found sellers at 180.63 in the prior session and at 180.18 two days ago.

Trend

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

Order Flow

Buying could accelerate should prices move above the close-by swing high at 180.63 where further buy stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Alibaba Group
Condition Forecast Direction Win Avg Worst Best Events
Southern Doji TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Doji TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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