Alibaba Remains Supported by the Rising Channel
Is it a good chance to buy in Dip for Alibaba?
Share this:
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
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
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
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
Related tags:
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Nikkei threatens breakout as tech rebound broadens
Breakouts across the SOX and Nasdaq are being matched by rebounds across Asia, with the Nikkei now threatening to join the move.
S&P 500, Nasdaq 100 Forecast for the Week Ahead
A hawkish Fed and 10-Year Notes on the verge of a push above 5%, yet stocks have so far shrugged off that fear. But can it continue?
Hang Seng Tech rout nears make-or-break zone
The technical damage is clear, but with Hang Seng Tech now deeply stretched and approaching major support, the risk-reward is becoming more two-sided.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. 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. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.