Alibaba Group (BABA): Bullish Channel Intact
George Lam September 16, 2020 12:50 PM
Recent pull-back in Alibaba Group's (BABA) share price has not damaged its bullish technical outlook...
Alibaba Group (BABA) continues to expand its footprint globally as Bloomberg reported that the Chinese tech giant is in talks to invest 3 billion dollars in Southeast Asian ride-hailing company Grab. Meanwhile, Alibaba's planned 30 billion dollars dual-listing for its fintech arm Ant Group could come as soon as October, according to Chinese media.
From a technical point of view, Alibaba Group (BABA) maintains its bullish momentum as shown on the daily chart. Despite a modest pull-back, a bullish channel drawn from April remains intact. The level at $263.00 may be considered as the nearest support, while the 1st and 2nd resistance are expected to be located at $299.00 and $320.00 respectively.
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