We’re noting an increasingly bearish tone from ALI as it trades closer and closer to its major MAs. Although there is a looming golden cross, what’s more pressing now is the descending triangle that ALI is forming. The support at 35.15 looks like the triangle’s base. Should it break this level, a freefall down to 34.00 could very well be possible. DMIs are also showing a bearish divergence. Note that RSI is still far from the oversold region, so there may be a continuation of the selldown in the next few days.

Buy when support holds. 

Support: 35.15 / 34.00
Resistance: 37.00 / 38.40


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