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- 1 Alibaba Group Holdings Inc. BABA Stock price may slip as it approaches the distribution phase.
- 2 BABA share price is trying to sustain above the 20, 50, 100, and 200-days Daily Moving Average.
- 3 Alibaba Group Holdings Inc (NYSE: BABA), is a Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology.
BABA stock price has been fluctuating inside a horizontal range-bound area and may slip now as it is approaching the distribution phase. BABA shares need to attract buyers in order to sustain at the current level to continue its recovery. However, sellers may approach the trade to short Alibaba stocks as soon as the BABA share price enters the distribution phase.
BABA stock price was at $94.00 and gained 2.41% of its market capitalization during Wednesday’s trading session. Trading volume was above average under the full influence of sellers. This demonstrates that sellers are trying to pull BABA shares toward the lower trendline of the consolidation phase. Investors in Alibaba stock need to wait for any directional change over the daily time frame chart.
BABA Stock Price is Being Overbought, What’s Next?
Alibaba’s Stock price must sustain at the upper price range of the consolidation phase in order to register its breakout over the daily time frame chart. However, trading volume was under the full influence of sellers. BABA stock price must attract buyers by the opening of Thursday’s trading session.
Meanwhile, BABA share price is trying to sustain above the 20, 50, 100, and 200-day Daily Moving Average. BABA shares must surge to register its recovery phase over the charts.
Moreover, BABA stock price has gained 11.93% in a week and 9.29% in a month. In addition, BABA shares have increased by 3.17% year to date. This confirms the facts of BABA share’s maximum recovery of BABA share price in 2023.
Technical indicators suggest the upside trend of BABA stock price. The relative strength index showcases the uptrend momentum of BABA shares. RSI was at 66 and is heading toward the overbought territory.
MACD exhibits the upward momentum of BABA share price. The MACD line is above the signal line after a positive crossover. Investors in Alibaba Stocks need to wait for any directional change over the daily time frame chart.
Summary
BABA stock price has been erratic inside a horizontal range-bound region and may decline now that the distribution phase is drawing near. However, sellers had complete control over trading volume. BABA shares have also gone up 3.17% so far this year. Technical indicators point to an upward trend for the price of BABA stock. Investors in Alibaba Stock must watch the daily time frame chart for any directional changes.
Technical Levels
- Support Levels: $91.78 and $90.00
- Resistance Levels: $95.50 and $100.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
