Alibaba Trading Analysis (03/06/2024)
The trend is ascending. The stock is traded in the range between 365 and 135 ЕМА. The downward wave structure is truncated. There is a bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals the oversold state.
Trading idea:
Buy when the formation of the ascending wave structure begins, when the wave A breaches the sloping channel of the descending truncated structure.
Stop-Loss is under the local minimum of the descending structure at 77.07.
Target price levels at 82.23 and 89.20.
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