Annual Forecast for Alibaba (2022)

PUBLISHED: 05 Jun 2022 @ 19:23 | Comments (0) | More info about Azeez Mustapha

Alibaba Group Holding Limited shares (NYSE:BABA) are bullish in the short-term. Price was quite choppy in January, and February 2022; while it plummeted seriously in March, only to rally in the same month, recovering the loss of the month and making a new monthly high.

There was a bearish movement in April and May, and currently, the market is choppy.

A closer look at the market reveals that price is above the upper Trendline, while the RSI period 14 is above the level 50. This is a bullish signal and as long as price remains above the upper Trendline and the RSI period 14 is above the level 50, this bullish bias would be valid.

What is happening on BABA now is a low risk, high reward entry level, and price should trend upwards from here, thus attaining the supply levels at 110.00, 120.00, and 130.00 consequently.

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