BABA breaks below prior session low
Alibaba Group Holding Limited (BABA) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
BABA finished Thursday at 196.02 losing $2.09 (-1.05%). Closing below Wednesday's low at 196.30, the share confirms its breakout through the prior session's low having traded $0.73 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (BABA as at May 17, 2018):
Thursday's trading range was $2.86 (1.46%), that's below last trading month's daily average range of $4.57. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average.
Prices are trading close to a key support level at 193.38.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 199.75 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 193.86 where further sell stops might get activated. Trading close to March's high at 201.50 we could see further upside momentum if potential buy stops at the level get triggered.