• Alibaba Group reversed from support area
• Likely to reach resistance level 240.00
Alibaba Group recently reversed up from the support area lying between the pivotal support level 225.00 (which has been reversing the pair from December) and the lower daily Bollinger Band.
The upward reversal from this support zone stopped the previous intermediate ABC correction (2).
Alibaba Group is likely to rise further toward the next resistance level 240.00 (top of the previous corrective wave B and the target price for the completion of the active sub-impulse wave (i)).