FXOpen
As shown on the BABA stock chart, the price today has risen to around $80.80—its highest level this summer.
The primary driver of bullish sentiment is the anticipation of a positive earnings report from Alibaba Group Holding Ltd for Q2 2024, set to be released on 15th August.
According to Dow Jones Newswires:
→ Lazada, a subsidiary of Alibaba Group, has reached a certain level of profitability, which is a promising sign for the tech giant as it seeks to boost international sales amid slowing growth in China.
→ Alibaba’s market share has stabilised after a decline in 2021. DBS analysts Sachin Mittal and Andy Yeo note that the Gross Merchandise Value (GMV) of goods sold on Taobao and Tmall has returned to double-digit growth, and Alibaba’s international e-commerce platforms could become a key driver, with an estimated compound annual growth rate of 23% from FY2024 to FY2027. DBS maintains its buy recommendation for Alibaba shares.
Technical analysis of the Alibaba (BABA) stock chart shows that:
→ The price is forming an ascending channel (shown in blue) and has already risen to its median line. However, it remains under pressure from a descending trendline that has been in place since 2023.
→ The chart shows patterns of false breakouts (marked with arrows) of previous local highs. It’s possible that a similar pattern (with a return below the psychological level of $80.00) could occur before the report is released.
Be prepared for sharp movements in Alibaba Group (BABA) stock around the time of the report’s publication. It could either meet bullish expectations or deliver a bearish surprise.
Buy and sell stocks of the world's biggest publicly-listed companies with CFDs on FXOpen’s trading platform. Open your FXOpen account now or learn more about trading share CFDs with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
WTI Oil Pulls Back from Its 2026 High
As the XTI/USD chart shows, the price of a barrel:
→ set fresh 2026 highs above $67 earlier this week;
→ but yesterday posted a sharp reversal lower (as indicated by the blue arrow).
The spike in volatility was driven by
Australian Stock Index ASX 200 Reaches Record High
As the chart of the ASX 200 index (Australia 200 on FXOpen) shows, today’s candle has moved above the 9,210 level, marking a fresh all-time high. Since the start of the year, the benchmark of Australian equities has
Nvidia (NVDA) Shares Surpass $200 in After-Hours Trading Following Earnings Report
Yesterday, the world’s most valuable company, Nvidia, released its quarterly earnings, which exceeded expectations:
→ Earnings per share: actual = $1.62 (forecast = $1.53);
→ Revenue: actual = $68.13 billion (forecast = $66.13 billion).
Sentiment was further supported by the chipmaker’