Technical Update - Alibaba rebound in jeopardy after earnings miss. Check out key share price levels here Technical Update - Alibaba rebound in jeopardy after earnings miss. Check out key share price levels here Technical Update - Alibaba rebound in jeopardy after earnings miss. Check out key share price levels here

Technical Update - Alibaba rebound in jeopardy after earnings miss. Check out key share price levels here

Equities 2 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Alibaba (BABA) opened 5% lower around USD80 after an earnings miss in the pre-market. That means that the share price is back to where it was a couple of days ago.
The short-term uptrend is intact as long as BABA is not closing below 77.80. If closing below 77.80, BABA is likely to fall back to the 75-72.50 area.

In the medium-term, the weekly chart shows BABA broke above its upper falling trendline a few weeks ago and seemed set to rebound higher towards resistance at around 88.80.

The weekly RSI is above the 60 threshold as of yesterday, but if it is failing to close the week above, BABA could slide back.

A weekly close below 68.35 and the bearish medium-term trend is set to resume.

A weekly close above 88.80 is paving the way higher, with upside potential to strong resistance at around 103.25 and the 120-124 resistance area.

Source all charts and data: Saxo Group

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