The price of many stocks fell in 2020 during the global lockdown. For Alibaba, it’s the reverse. The lowest price of $BABA in 2020 was at $170.17, in March. The lockdown brought about an increase in the share price of Alibaba. Alibaba is a Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology. Shops and malls were locked during the lockdown, e-commerce companies like Alibaba was a good substitute. Price rallied to an all-time high at $319.56 in October 2020 from the lowest price at $170.17. in March 2020. Since there was an ease of lockdown, the price of Alibaba in 2021 has been falling.
Since February 2021, RSI has shown 3 instances of the price being oversold. All gains made during the lockdown and post lockdown have been lost. The price is currently at $167.22. The last time the price of $BABA reached $167.22 was October 2019. The price is currently consolidating and the bulls might push the price to a resistance level at $222.58. Hope should be restored to investors as prices could rally in the next months.