Solid News

Shares of Alibaba Group Holdings Ltd., one of the world's largest e-commerce companies, correct at 84.00.

On the daily chart, the price has left the narrow downwards channel with dynamic boundaries of 40.00–75.00 and consolidated above the initial correction of 23.6% Fibonacci around 77.00.

The four-hour chart shows that the uptrend has a high potential to continue, and the rate of price growth may increase if it consolidates above the 38.2% Fibonacci base retracement at 86.00, after which the next resistance will be the full retracement level at 61.8% Fibonacci at 101.50. The reverse decline will be capped by the low of the year at 62.00.

Technical indicators keep a buy signal: fast EMAs on the Alligator indicator are actively moving away from the signal line, and the AO oscillator histogram forms upward bars, moving into the buy zone.