Is Alibaba's Stock About To Rally?
Benzinga2021-06-03
Support is a large concentration of buyers who are all looking to pay the same price. At support levels, there is more demand for shares than there is supply. That’s why sell-offs end when they reach them.
Sometimes when stocks fall to support, the tide turns and the stock rallies or rebounds.
This is what happened to shares of Alibaba Group Holding Limited(NYSE:BABA) when they fell to $211.50 in December. Now it looks like it may happen again.
Alibaba's stock reached this support on May 13. Shares were able to hold, and now they may be rebounding.
The stock closed Wednesday at $219.59.
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