Alibaba: the 1.4% bounce doesn't convince, distribution keeps building

Alibaba is in the 5th week of a sell signal, and this week the price recovered 1.4% after three straight weekly declines. The bounce doesn't convince on the technical side: weekly CMF fell further, momentum weakened sharply and sell volume stays dominant. On the daily chart a double bottom is forming in the 95 area with a 5% intermediate rebound. The open short position stands at a 20.58% profit.