Thursday, March 8, 2018

Annual Forecast for Alibaba Group (2018)

Alibaba Group shares (NYSE:BABA) is generally a rough and choppy market. In the long-term, there is no directional movement. However, there is a directional movement in the short-term.

In the short-term, the ADX period 14 is at the level 20, showing a lack of momentum in the market. Nonetheless, the -DI is above the +DI, showing some bullishness in the market.

The MACD default parameter, has its signal lines and histogram below the zero lines. There is a Bearish Confirmation Pattern in the market. This means price could go further southwards.

Alibaba Group should continue to go downwards, especially in the short-term, with immediate targets at the support levels of 180.00, 170.00 and 160.00. The current rally is just a bounce in the context of a short-term downtrend.

Azeez Mustapha

Market Analyst, Trading Signals Provider and Coach

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