Alibaba’s Breakout Failure Opens Doors to a 15% Price Slump
- Stock seems primed to break through January low around HK$64
- Bullish pattern broken following post-earnings stock slide
Source: Bloomberg
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Alibaba Group Holding Ltd.’s post-earnings slump has invalidated a bullish breakout, leaving its January lows vulnerable.
Another 1.4% drop in Hong Kong on Friday pushed its share price to below the right shoulder low of a head-and-shoulders formation, which had witnessed a confirmation given the upside move earlier in the week.