Solid News

The shares of Alibaba Group Holdings Ltd., one of the world's largest e-commerce companies, are correcting at 108.00.

On the daily chart, the quotes are kept within a narrow rising channel with dynamic boundaries of 106.00–130.00, having reached the support line of 106.00 yesterday and now are ready to overcome it.

On a four-hour timeframe, it can be seen that the support line coincides with the initial Fibonacci 23.6% correction at 106.00, and consolidation below it will mean the beginning of a full-fledged correction trend with a local target near the Fibonacci 61.8% full correction of 82.00.

Technical indicators are preparing to give a sell signal: fast EMAs on the Alligator indicator are actively approaching the signal line, and the AO histogram is forming downward bars, approaching the transition level.