Alibaba Group (BABA): Bullish Channel Intact

Recent pull-back in Alibaba Group's (BABA) share price has not damaged its bullish technical outlook...

Uptrend 2

Alibaba Group (BABA) continues to expand its footprint globally as Bloomberg reported that the Chinese tech giant is in talks to invest 3 billion dollars in Southeast Asian ride-hailing company Grab. Meanwhile, Alibaba's planned 30 billion dollars dual-listing for its fintech arm Ant Group could come as soon as October, according to Chinese media.


From a technical point of view, Alibaba Group (BABA) maintains its bullish momentum as shown on the daily chart. Despite a modest pull-back, a bullish channel drawn from April remains intact. The level at $263.00 may be considered as the nearest support, while the 1st and 2nd resistance are expected to be located at $299.00 and $320.00 respectively.


Source: Gain Capital, TradingView

More from Tech Stocks

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.