CFD Trading – Buy ALIBABA GROUP (BABA.NYS) @$228.50. Stop @ $218.50 and Target @ $245.65.

ALIBABA GROUP HOLDING LIMITED Stock Code BABA.NYS

Outlook
Price broke above the cloud in the previous trading session which could signal the end of an eight-month correction. Price also broke above a downtrend line which dated back to the high of 27 October 2020. Conversion and Base lines had a bullish crossover, hinting of a bullish price trend. Lagging Span is above price of 26 days ago but is below the cloud. MACD remains bearish but both its lines are likely to move above the zero line soon after a bullish crossover. We think price is likely to move higher to the previous resistance high at $245.65 in the next 2-3 weeks.

Strategy                  
$228.50              Buy
$245.65              Price Target
$218.50              Risk Management Stop
3 weeks              Trade Duration

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