Alibaba intraday: the RSI is overbought

Trading Central 2020-11-21 05:23:04

266.6 is our pivot point.

Our preference: the upside prevails as long as 266.6 is support.

Alternative scenario: the downside breakout of 266.6 would call for 261.3 and 258.1.

Comment: the RSI is trading above 70. This could mean that either prices are in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Alibaba is above its 20 and 50 period MA (respectively at 265.99 and 260.25).

Supports and resistances:

286.8 **

283.6 *

280.5 **

277.3

270.74 last

268.7

266.6 **

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