CFD Trading – Sell Alibaba Group Holdings(BABA.NYS) @ $240.30. Stop @ $256.30 and Target @ $221.70

Alibaba Group Holdings Limited Stock Code BABA.NYS

Price reached a high of $274.29 on 16 February 2021 and has been on a decline since that high. Last Friday, price broke below the cloud, hinting that the correction could have more downsides ahead. Conversion line and Base line had a bearish crossover, hinting of bearish price trend ahead. Lagging Span is below price of 26 days ago and below the cloud, confirming the bearish trend. MACD is bearish and there was a bearish crossover earlier. MACD is hinting of a bearish price trend ahead. We think the correction could be heading lower to the support area at $221.67 in the next 2-3 weeks.

$240.30              Sell
$221.70              Price Target
$256.30              Risk Management Stop
3 weeks              Trade Duration

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