ALIBABA On the 1D MA50. Closing above = $120.

Alibaba Group Holdings (BABA) hit today its 1D MA50 (blue trend-line) for the first time since February 16. In the past year, every time the price closed a 1D candle above the 1D MA50, it soared to at least 120.00 which is the bottom of the 1 Year Resistance Zone.

This time the stock is past a 1D Golden Cross pattern, the first such formation March 18 2019, which is technically bullish. What it needs to avoid is closing below its Higher Lows trend-line, which on September 16 2022 kickstarted a strong sell-off.


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