On a Daily time frame Alibaba is forming falling parallel channel, security closing below the parallel channel would be an opportunity to enter short or stock closing above the falling parallel channel will be an opportunity to enter long.

The daily RSI (14) is trading with a price conforming the move.

Price are trading near the Fast EMA (21) and Slow EMA (50), price need to trade above the EMA for confiming uptrend, on downside price has to trade below the EMA's.

Momentum Indicator MACD (12,26,9) indicating negative trend.

Henceforth a Sell/Long position can be taken once the security close Below/Above the Parallel Lines.

Falling Parallel Channel

May 24 2023