Alibaba Wave Analysis 28 January 2025

(MENAFN- FxPro)

– Alibaba broke resistance zone

– Likely to rise to resistance level 100.00

Alibaba recently broke the resistance zone between the resistance level 93.50 (a former yearly high from December) and the 61.8% Fibonacci correction of the downward impulse from November.

The breakout of this resistance zone accelerated active impulse wave 3, which has been part of the intermediate impulse wave (C) since the beginning of January.

Alibaba can be expected to rise further to the next round resistance level 100.00 (which stopped the previous minor correction iv in November).

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