Alibaba Stock Forecast: Rare double rising window pattern spells bullish trend for $BABA
BABA stock is now gaining back ground due to possible Ant Group IPO.By moving up more than 2% to $120.20 on Monday,stock is now even for the year. After dropping precipitously in March, touching a six-year low at $73.28, BABA is now trading around its price on January 3 of $120.38.to form a financial holding company that would allow it to IPO. Alibaba owns about 1/3 of the prominent fintech firm that it helped launch.
This is typically a bullish continuation pattern, so traders should expect BABA stock to break through $120 this week.next. That is the resistance zone from the first two weeks of February. Right above there is more resistance at $130, which stems from that level acting as stiff support during the winter of 2018 and early 2019. It is hard to guess whether Alibaba stock can break through both those barriers at once.
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