ALIBABA (HK:9988; NYSE:BABA) 13 APR 2021
Updated: Aug 1, 2021
The verdict is finally out for Alibaba (HK:9988; NYSE:BABA).
Attached is the chart on HK:9988 and a Buy Recommendation report from CIMB dated 12/4, setting a target price of HK$341. Most other research firms look to be maintaining their bullish outlook on the stock as well. The fine seems like a slap on the hand of the tech giant and gave investors the clarity to the end of this episode.
From charting perspective, volume analysis indicated higher volume on up-days than down-days since the start of 2021.
KST showing upside momentum and ADX turning up above 20 usually point to possible start of a new wave. Given the positive news and Alibaba failing to break below 2020's low in the recent sell-down, it is likely that the new wave of move should be to the upside.
2 possible entry points to look out for is for price to break above the downtrend line (purple) for breakout confirmation, OR to wait for %R indicator to drop to oversold level. Short-term traders can take guidance from the chart and watch out for the support of HK$200 and resistance of HK$300.
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This is an opinion piece. Please always do your own due diligence on the company's fundamentals & assess if the Fundamental / Technical analysis opinions are applicable to your trading/investing needs.
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