Alibaba retests current resistance - Analysis - 15-10-2018

Chinese Alibaba's stock rose in the intraday levels, retesting the resistance of 148.85, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the medium term (from 86.01 to 211.70), while trying to vent off oversold saturation in the RSI, and scoring a profit of 3.80%, or 5.39 points, with negative pressure from the 50-day SMA. 

Therefore we expect the stock to return lower, targeting the next support at 134.02, representing the ratio 61.8% of the same retracement levels, as long as it settles below 148.85. 

Expected trend for today: Likely Bearish