Alibaba – SW (Code: 9988.HK) Trading StrategyPublished On: 31 October 2022, 9:44 AM | Huang Zixing, Dealer
- Taking a look at the daily chart of Alibaba – SW, price is currently trading in a downward channel.
- The horizontal green line ($61.75) serves as a strong support level while the downward sloping yellow line acts as a resistance level.
Thus we can try following trades:
- If price breaks below the green support level and recovers back above it, we can buy just above $61.75.
- If price breaks above the yellow resistance level to $68 and falls back below it, we can look to short once it breaks back below the yellow resistance level.
- Buying point: $61.75
- Selling point: $68
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