Investors reacted positively- chasing the share price higher to close at USD86 (from previous day close of USD80). Technically, Alibaba has broken above its intermediate downtrend line, RR at USD85. Its immediate resistance is the horizontal line at USD87.50. If it can stay above the downtrend line, SS and charge through the USD87.50 resistance, Alibaba's recovery may begin.
Chart: Alibaba's daily chart as at May 7, 2015 (Source: Stockcharts.com)
Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, Alibaba.
2 comments:
Hi Alex, what's your view on IPMuda?
Hi Tony Thian
Ipmuda is a tough one to get right. It is like a quiet guy at the back of the classroom. You would never know what's going on inside his head.
It seems to make its move after everyone has gone up. Will the current rally be any different? Who knows...
It is a building material distributor. It should get more business in the current building mini boom. The fact that it is taking so very long to show good results, says a lot about the company.
I will give it a miss.
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