Alibaba (9988) Remains Supported by the Rising Channel
Medion Jim November 4, 2020 1:37 PM
Is it a good chance to buy in Dip for Alibaba?
Alibaba (9988) dropped 7% after its Ant Group (6688) announced that it was notified by the Chinese regulators that its proposed A Share listing is suspended as the company may not meet listing qualifications or disclosure requirements.
In other news, U.S.'s White House has called a halt to blacklisting Alibaba and Antgroup, reported Reuters citing insiders.
Investors should be aware that the company will release the 3Q result on November 5, while investors would expect an EPS of $10.823 and revenue of $155 billion.
From a technical point of view, although the stock posted a pullback, it is still supported by a rising channel. In fact, the candlestick opened at the lower boundary of the bullish channel and edged higher during the intraday trading. It would suggest that a potential bullish reversal bar is forming.
Bullish readers could set the support level at HK$255, while the resistance levels would be located at HK$310 and HK$325.
Source: GAIN Capital, TradingView
From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.