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Alibaba Is Sold out on the Downside

Alibaba Is Sold out on the Downside

In this daily bar chart of Alibaba Group , below, we can see that the shares have been in a long downtrend and trade below the declining 200-day line. Prices have not made a new low since March and this tells me that the next test of the 50-day line is going to be successful and BABA should turn higher. The 12-day price momentum study made a higher low from April to May for a small bullish divergence.