Rumors of an additional round of stimulus to stimulate consumer spending in China are starting to surface which is starting to cause a rise in Chinese stocks.
Alibaba could be trading in Wycoff Accumulation, finding support at fib channel line/.618 fib. Also, Alibaba just crossed the 1.618 fib ring indicating volatility is on the horizon.
Taking a look at the Hong Kong 50 Index, HK 50 bottomed at the 1.618 fib at 14,500, and recently had a strong bounce off 18,200 which has historically been critical support.
Looking for BABA to retrace back to $166 / 200W MA
Alibaba could be trading in Wycoff Accumulation, finding support at fib channel line/.618 fib. Also, Alibaba just crossed the 1.618 fib ring indicating volatility is on the horizon.
Looking for BABA to retrace back to $166 / 200W MA