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Upward Momentum Expected for Alibaba Inc (BABA, 9988)

 

Alibaba Inc (BABA, 9988)
US$83.18

Adverse news flooded the market after Alibaba Inc reported weaker earnings last Friday. However, the stock price traded up 4.58% for the day. Investors were less focused on the earnings and more on the announcement of the completion of Alibaba's primary listing in Hong Kong.This will largely lead to its inclusion in the Stock Connect, boosting inflow from Chinese investors for the stock.


From a technical perspective, the price remained above its US$80.00 resistance level. There are expectations for the stock to move toward its previous May 2024 high of US$90.00, with potential to reach US$100.00.

https://finance.yahoo.com/news/alibaba-long-awaited-china-stock-002047551.html


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