Alibaba BABA is testing and - at the time of writing – bouncing from support at around 79.20. A close below is likely to push BABA to support at around 74.68, possibly even lower
Trend is down, and RSI is and has been showing negative sentiment since September.
BABA is trading below all daily Moving Averages which are declining and if daily RSI is closing below 40 it will further add to the bearish picture.
Medium-term – weekly chart – it is evident why the 79.20 support is key
A weekly close below the RSI is likely to close below 40 confirming medium-term downtrend with potential to test the October 2022 low around 58.
For BABA to demolish the bearish picture a close above 87.85 is needed. Tio establish a bullish trend a close above 88.88 is needed