Annual forecast for Alibaba (2021)

PUBLISHED: Jun 17 2021 @ 01:56 | Comments (0) | More info about Azeez Mustapha

Alibaba Group Holding Limited shares (NYSE:BABA) are essentially weak. The recent bullish attempt that was started in January 2021, got halted in February, and since then, price has been coming down.

In this market, any rallies should simply be taken as opportunities to go short in the market. Price has gone below the lower Trendline and it is expected to trend lower and lower.

The RSI period 14 is around the level 40, further supporting the bearishness in the market. It is not yet prudent to go long in this market, for further journey to the south is anticipated.

The outlook on BABA remains bearish for this year and price could reach the demand levels at 200.00, 175.00 and 150.00.

Teach Yourself Technical Analysis: Teach yourself technical analysis

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.