Alibaba Group Holdings (BABA) stock price declined in its latest intraday trading amid continued negative signals from the Stochastic indicators after reaching deeply overbought levels, as the stock attempts to relieve this overbought condition and gain positive momentum that could help it recover and rise again, while finding support from its 50-day SMA, coinciding with a retest of a short-term bearish trend line that the stock had previously broken above.

Therefore we expect the stock price to rise in its upcoming trading, as long as it holds above the $128.95 support level, targeting the $148.65 resistance level.

Todays price forecast: Bullish