Shares of Alibaba Group Holdings Ltd., one of the world's largest e-commerce companies, correct at 65.00.
On the daily chart, the price is falling within a narrow downwards channel with dynamic boundaries of 50.00–80.00 and today it may try to renew the annual minimum at 62.00.
On the 4-hour chart, it can be seen that the downtrend has a high potential to continue, and the price may receive additional bearish momentum if it consolidates below 62.00, and then the next support will be 53.00. In case of a reverse movement, growth will be limited by the resistance line of the downwards channel around 81.00.
Technical indicators keep a sell signal: fast EMAs on the Alligator indicator are actively moving away from the signal line, and the AO oscillator histogram forms bars deep in the sell zone.