Alibaba intraday: the RSI is oversold

BABA

Trading Central 2021-02-23 05:00:25

Our pivot point is at 256.3.

Our preference: the downside prevails as long as 256.3 is resistance.

Alternative scenario: above 256.3, look for 258.1 and 259.2.

Comment: the RSI is trading below 30. This could mean that either prices are in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Alibaba is trading under both its 20 and 50 period moving average (respectively at 258.56 and 263.14).

Supports and resistances:

259.2 **

258.1 *

256.3 **

255.6

254.52 last

252.1

251 **

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