Alibaba: Key Levels Supporting the Stock's Short-Term Uptrend
$BABA-W (09988.HK)$ rallied 52% in Sep 2024.
Since reaching a high of 118hkd, price retraced and corrected near to 20% from its high.
What are the prices that still support the stock showing a short-term uptrend?
I mapped the price levels in a chart below.
Support levels:
1. 96-98
2. 84-85
If $BABA-W (09988.HK)$ stays above and supported by these levels, then the short-term uptrend is still intact.
Note that the stock is still range-bound - probably why historical support and resistance levels are holding so well.
Short-term trading consideration with DLCs:
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