BABA - when to buy?

hi Traders

Today we are analyzing Alibaba Group Holdings Ltd. (NYSE:BABA) on a 4hour chart basis.

Alibaba stock is currently trading at $124

We expect that the price will get rejected at the downsloping resistance and in some time it will come back down to retest the support level around $100.

Following this event, we expect the price to bounce and move up towards the downsloping trendline (yellow line), which could be a take profit level.
$145 is the target.

This pattern (if continued) imitates a descending triangle.

We advise entering (buy) at this support line around $100. Be patient!

The stop loss can be placed around $95.

Good luck