As you can see Alibaba moved up on Wednesday just before the support at $164.20. Mainly because of the news that Alibaba launched an Amazon Prime-like concept called 88VIP.
The day before that it was announced that Kroger would partner up with Alibaba to sell their products in China. Such partnership wouldn't be only good for Kroger it would possibly generate more traffic for Alibaba which could result in more revenue in other departments of the E-commerce company.
Most eyes will be focused on the 23rd when the earnings release is due. With the last 4 reports beating estimates I'm fairly confident this one is no exception.
In my opinion Alibaba is set to return to it's previous high's with the "oversold" 10-day RSI in the back of my mind and the recent positive developments on the fundamental side.
First target is set at around $192.30 the second target would be close to $200.
I will follow up if the targets get hit or when it breaks support.
P.S. I'm not telling you what to do always cross-reference with your own analysis. I'm not responsible for your loss.
The day before that it was announced that Kroger would partner up with Alibaba to sell their products in China. Such partnership wouldn't be only good for Kroger it would possibly generate more traffic for Alibaba which could result in more revenue in other departments of the E-commerce company.
Most eyes will be focused on the 23rd when the earnings release is due. With the last 4 reports beating estimates I'm fairly confident this one is no exception.
In my opinion Alibaba is set to return to it's previous high's with the "oversold" 10-day RSI in the back of my mind and the recent positive developments on the fundamental side.
First target is set at around $192.30 the second target would be close to $200.
I will follow up if the targets get hit or when it breaks support.
P.S. I'm not telling you what to do always cross-reference with your own analysis. I'm not responsible for your loss.