Looking at the daily and weekly chart in US, it would seem like it is now consolidating in a big range, possibly reversing in a downward trend but will need to monitor how it goes for the next few days. Looking at the weekly chart, as long as it does not close below 234.19 it would be a good bullish signal.
One thing to note as per what was shared earlier, Alibaba like Tencent is also getting the hit from the India Government due to the border tensions so we will need to monitor that situation closely. Also as Alibaba is listed in US and with the US government hitting chinese companies hard and fast, Alibaba being one of the more prominent companies would likely get the (unwanted) attention.
*I currently hold 9988.HK and the reason why I chose that is because its firstly cheaper to own in Hong Kong and being in Asia it will be easier to monitor the stock as well since both are somewhat mirroring in terms of movement. Also considering there might be a possibility that Alibaba may just list in Hong Kong in the future due to the US China tension, funds may flow back to HK which may push the prices higher.
BABA Daily
BABA Weekly
Sharing also the HK charts although it is quite similar in nature.
9988.HK Daily
9988.HK Weekly
Disclaimer: Whatever posted here is purely my personal view. It is not an inducement to trade and not responsible for any losses. Tips and News might just be rumors in the market. I take no responsibility for any gains or losses as a result of reading my analyses, judgement and opinions. Trade with care and diligence please!
No comments:
Post a Comment