The share price of the Alibaba Group has been on an upward trend for a few weeks now, counter movements are becoming increasingly rare. The upward pressure is currently very high, but now the stock has reached a resistance zone. The Relative Strength Index is at around 67 points, just below the overbought range. Finally he bounced off the lower border to the oversold area. The relative strength index was also close to its extreme range.
How does it look on the 4-hour chart?
The stock price is moving higher and higher, so it hardly lets the relative strength index move down from the border to the overbought area. The MACD does not give a sign of itself either, the two lines are close to each other. In the Slow Stochastic both lines move downwards after the sell-signal.
Will it go down in the hourly chart?
The Relative Strength Index is lowered here again, therefore the stock price falls down again. The slow stochastic gave a sell signal.
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A post by Maximilian Weber.