A Strong Opportunity Soon for Alibaba Stock

Alibaba stock has broken the downtrend and surged, breaking through the $166 level, which was considered a strong resistance level. The stock has also established strong buying demand zones on the daily timeframe, indicating strong buyer dominance.

Currently, the stock is experiencing a downward correction that may target new demand zones near the $152 level. A resumption of the upward trend is expected if this level is tested.

Expected Targets

If the price tests the aforementioned demand zones near $152, we anticipate a renewed upward movement in the stock, targeting $161.94 and $174.49 respectively.

Conversely, if the initial demand zones are broken, we may see a decline to the next demand zone near $135.72, which is considered one of the most significant and strongest expected buying opportunities for the stock. From there, a renewed upward movement is anticipated.