Alibaba (BABA): Could we expect a move towards $113?

Today’s instrument is the Alibaba Group Holding Ltd ‘s stock traded in NYSE exchange under the ticker BABA.

When we look at the BABA ‘s chart, we see its run from the $114 range on at the start of last week, to the $118 range, briefly reaching highs of $120 but then experiencing a retraction to the $109 where it formed support. During Friday’s session the market bought the dip raising it form the $109 to the $120, but once again it erased all its gains before the close of the session. It was last found trading at $110 range, having closest support level at $109 and temporary overhead resistance level at $113.

Today we can expect a move towards the $113 or a consolidation at the current level.

If, however, it doesn’t manage to hold on to the current level then a move towards and below the $109 closest support level can be expected.