BABA: This Great Bearish Trend will Hit $60 Level

Currently, Alibaba is moving in an impressive bearish trend. During early March this year, the price has arrived at $80 level. Since then, we can see the price retraced and retested the previous support level and the trend line. In the chart, we can spot a descending triangle pattern, where the price has tested the $80 support level three times, simultaneously with highs getting lower and lower. Therefore, this indicates a strong bearish momentum attempting to push down the price to break the support level.

Currently, we are not preparing any entries because the price is right at the support level. If the price clearly breaks below, then we will resume our plans to continue entering sell positions after a retracement.

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