CFD Trading Buy Alibaba @ $248.00. Stop at $239.20 and Target at $283.30

Alibaba Group Holding Limited Stock Code BABA.NYS

Price broke above the cloud on 29 May 2020 and has been above the cloud since that breakout. Following that breakout, price has risen to a high of $268.00. Price went into a correction after this high but has managed to stay above the cloud and above the Base line during the consolidation process. Conversion and Base lines had a bullish crossover on 9 July to confirm the bullish trend. Lagging Span is above price of 26 days ago and above the cloud. Lagging Span confirms the bullish trend in place. MACD is bullish with both of its lines above the zero line as well. Price is currently consolidating within a triangle pattern and a breakout of this triangle pattern is likely to send price higher to $283.20.

$248.00              Buy
$283.30              Price Target
$239.20              Risk Management Stop
3 weeks Trade Duration

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