BABA Tests Key Support into 'Singles Day'

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    In the past hour of trading, Alibaba Group Holding Limited (BABA) tested, and so far held its Sep-Nov support line, now at 79.90, as well as its slightly up-sloping 200-Day EMA, now at 79.58. That said, the real question is whether or not BABA can reverse and rally strongly off of the 79.90/60 support zone? Today's close will be important, if only because "Singles Day" (tomorrow) has created all measures of huge sales expectations. Let's see if and for how long BABA can hold key support.

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