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BABA stock price faced rejection from $86.00 and reversed down.
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Alibaba stock price struggles to climb above the 50-day EMA.
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Quarterly Earnings of Alibaba Group (NYSE: BABA) are scheduled for November 16, 2023.
BABA stock price faces rejection from the $86.00 and reverses downward. It formed a bearish pattern and prices continued to decline by forming lower low candles.
Alibaba’s stock price is in a correction phase and short-term pullback rallies are getting sold off. It indicates a strong presence of sellers on the higher levels.
BABA stock price tried to climb above the 50-day EMA but was rejected. Moreover, the 50-day and 200-day EMA slopes down denoting the trend is in a downward direction.
Previously, Alibaba’s stock price took support multiple times near $80.00 and bounced back. So, investors and technical analysts expect that a similar kind of pattern may get repeated.
However, until the price sustains above th
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