• Alibaba reversed from resistance level 120.00
• Likely to test support level 100.00
Alibaba recently reversed down from the key resistance level 120.00 (which has been reversing the price from the middle of March) standing near the resistance trendline of the daily down channel from January.
The resistance zone near the resistance level 120.00 was further strengthened by the 50% Fibonacci correction of the downward impulse from January.
Alibaba can be expected to fall further toward the next round support level 100.00 (low of wave B and the traget for the completion of wave 3).
Source: Fxpro
