BABA: Shooting Star Meets Key Support
$Alibaba(BABA)$ : The Shooting Star that appeared at the 20DMA, combined with the gap below, suggests a bearish setup.
However, analyzing the weekly timeframe reveals a promising 2-weeks bounce from the annual level of $163. The current gap therefore looks more like a buying opportunity as long as the price holds above $163.
Stock chart for BABA on daily timeframe displays candlestick price movements with green highlighted areas indicating potential support levels red arrow pointing to shooting star pattern at 20DMA blue arrow to gap below volume bars on bottom in orange ranging from 20 to 30 million shares time axis from April to November with price scale from 163 to 120 on right and indicators like 10MA 20MA labeled.
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