Trading Opportunity – Alibaba (9988.HK)

Published On: 8 April 2024, 9:40 AM | Donny Lew, Assistant Manager, Dealing

Key Entry Price Pivot(s):
  • HK$69
Recommended Trade:
  • Long at level HK$69
  • Take profit at HK$76
  • Stop loss at HK$66
Alternative Case:
  • Short below HK$64
  • Take profit at HK$57
  • Stop loss at HK$67
  • Looking at the daily chart of Alibaba , we can see that price has been in a ranging channel.
  • Currently, price is moving at the support level at HK$69-HK70 and we can potentially look for a long trade at this level in a lower timeframe with confluence such as a bullish bar at the support level with significant volume.