Alibaba (9988.HK) slumped on the monopoly investigation
Medion Jim December 24, 2020 1:30 PM
Alibaba (9988), a tech giant, is under an investigation into alleged monopolistic practices by the State Administration for Market Regulation.
Alibaba (9988), a tech giant, is under an investigation into alleged monopolistic practices by the State Administration for Market Regulation. The share prices of Alibaba opened 3% lower and drifted lower during the trading session.
From a technical point of view, the technical outlook of the stock turned to bearish after breaking below the rising trend line. In addition, the RSI indicated a bearish divergence signal. Currently, the prices also formed a lower top and a lower bottom and also broke below the declining triangle. All of the above technical events would suggest the bearish outlook.
Bearish readers could set the resistance level at HK$265, while support levels would be located at HK$205 and HK$185.
Source: GAIN Capital, TradingView
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