Alibaba (9988.HK): Potential Bearish Trading Opportunity
Published On: 15 January 2024, 9:30 PM | Donny Lew, Dealing, Assistant Manager
Key Entry Price Pivot(s):
•HK$76
Recommended Trade:
•Short at level HK$76, take profit at HK$70, stop loss at HK$78.
Alternative Case:
•Long above HK$80, take profit at HK$88, stop loss at HK$75
Remarks:
• Looking at the daily chart of Alibaba, we can see that the price has been in a downward trend channel.
• Currently, the price is moving toward the resistance at HK$76. We can potentially look for a short trade at the resistance level in a lower timeframe with confluence, such as a bearish bar with significant volume at the resistance level.
