Alibaba (NYSE) (W)– Range Bound, Eyeing for Breakout

Price / Momentum: Weekly close $122.94 (+1.39%); currently challenging minor resistance near $123. The structure shows sideways consolidation after a sharp run-up earlier in the year.

Volume: Volume is subdued compared to the February–April surge, indicating a lack of strong conviction yet. A volume spike would be needed to confirm a breakout.

Structure / Pattern: Price remains in a horizontal range between $105 (support) and $141 (resistance). The recent higher low near $116.7 suggests buyers are defending dips.

Key Levels:

Resistance/Breakout: $123.3, then $129.9 → $136.5 → $143.1 → $149.8 (upside targets).
Support: $116.7 (near-term); $105.5 (major support).

Bias & Trade Idea: Neutral-to-bullish bias while above $116.7. A decisive breakout above $123–124 with volume could open room toward $130+. Failure to clear $123 soon could lead to another retest of $116–105 support zone.

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