Alibaba Ltd. (NYSE) Analysis and Trading Idea as of 31/05/2023

Alibaba Group Holding Limited (NYSE) - #BABA
 

The triple truncated structure is forming (the reverse wave model 'Boguraev's Matryoshka'). There is a bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals the oversold state.
 

Trading idea:

Buy at the formation of the ascending wave structure, where the wave (A) breaches the sloping channel of the downward truncated structure.

Stop-Loss: local minimum of the downward structure 77.80.

Target price levels: 88.20, 93.80.