Alibaba (9988.HK): Support Level
Key Entry Price Pivot(s):
- $84.30
- Long above $84.30, take profit at $95.00, stop loss at $79.50
- Short below $80.35, take profit at $71.50, stop loss at $86.30
- HK has recently seen a strong decline
- However, it has recently rebounded off of the 200-day simple moving average (blue line) and is currently in the support zone (2 horizontal lines)
- RSI also also shown an uptick, indicating momentum is emerging
- Traders could seek to long if it breaks above the support zone, or short if it breaks below it
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