- Published: 07 September 2016
- Written by verifiedInvesting
Alibaba Group (NYSE: BABA), the Amazon of China, kissed major resistance today. You can see price got sooooo close to the trend lines I've drawn in on the daily chart below (and there are more in this same area!). In addition, there's a 0.75 fib retrace at $104.30 adding to the resistance. Interesting enough, $104.30 was the high today. In the way of time cycles, today was the 49th trading day since the last major pivot low, and today was the 6th consecutive day of upwards movement. If today does not turn out to be a pivot point, then these time cycles put the odds in favor of it being tomorrow. With all these indicators, I'll be looking to short $BABA tomorrow around $104.50-$105.50.