Alibaba (9988.HK): Bearish Trading Opportunity
Key Entry Price Pivot(s):
•HK$85
Recommended Trade:
•Short at level HK$85, take profit at HK$75, stop loss at HK$90.
Alternative Case:
•Long above HK$90, take profit at HK$100, stop loss at HK$85
Remarks:
• Looking at the daily chart of Alibaba, we can see that price has been in a downwards trend channel.
• Currently, price is rejecting the resistance of the channel and we can potentially look for a short trade in a lower timeframe with confluence such as a resistance or a bearish bar with significant volume.
