Alibaba (9988.HK): Bearish Trading Opportunity

Published On: 20 October 2023, 06:00 PM | Donny Lew, Senior Dealer

Key Entry Price Pivot(s):

Recommended Trade: 
•Short at level HK$85, take profit at HK$75, stop loss at HK$90.

Alternative Case:
•Long above HK$90, take profit at HK$100, stop loss at HK$85

• Looking at the daily chart of Alibaba, we can see that price has been in a downwards trend channel.
• Currently, price is rejecting the resistance of the channel and we can potentially look for a short trade in a lower timeframe with confluence such as a resistance or a bearish bar with significant volume.