Alibaba (9988.HK): Potential Trading Opportunity

Published On: 11 August 2023, 4.50 PM | Alex Lee, Assistant Manager, Dealing

Key Entry Price Pivot(s): •HK$87.5

Recommended Trade: •Long above HK$87.5, take profit at HK$97.95, stop loss at HK$85.

Alternative Case: •Short below HK$85, take profit at HK$76, stop loss at HK$90.5

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