CFD Trading – Buy Alibaba Group Holding Limited (BABA.NYS) @ $271.00. Stop at $263.20 and Target at $298.30

Alibaba Group Holding Limited Stock Code BABA.NYS

Price reached a high of $299 on 2 September 2020 and in a 3-day pullback, has reached the gap zone from $271.62 to $265.80. Last Friday’s low of $267.39 could be the end of a short correction and price could be about to test the previous high of $299 again. Conversion and Base lines had a bullish crossover, confirming 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. If price can hold above the gap zone lower limit of $265.80, price is likely to test the previous high of $299 again.

$271.00              Buy
$298.30              Price Target
$263.20              Risk Management Stop
3 weeks Trade Duration

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