Alibaba: ⬆️ Buy

– Alibaba broke key resistance level 147.70

– Likely to rise to resistance level 170.00

Alibaba Group has been rising sharply in the last few trading sessions after the earlier breakout of the key resistance level 147.70 (which stopped the previous wave (A) in the middle of March, as can be seen below).

The breakout of the resistance level 147.70 was preceded by the breakout of the 2 daily up channels from July and April – which accelerated the active impulse wave (C).

Given the strong daily uptrend, Alibaba Group can be expected to rise to the next round resistance level 170.00, the target for the completion of the active impulse wave (C).