$BABA - July 10 , Gameplan!

Jul 10, 2023

BABA - On Friday, the Alibaba stock price experienced a significant gain of 8.00%, rising from $83.84 to $90.55. Throughout the trading day, the stock fluctuated by 5.69%, reaching a low of $86.64 and a high of $91.57. Over the past 2 weeks, the stock has shown some volatility, resulting in a 4.21% gain. Volume increased on the last day, aligning with the price increase, which is viewed as a positive technical sign. In total, 34 million more shares were traded compared to the previous day, with a total of 47 million shares bought and sold, totaling approximately $4.21 billion. Currently, the stock is positioned in the upper range of a wide and falling trend in the short term, suggesting a potential selling opportunity for short-term traders as a reaction towards the lower part of the trend may be expected. A breakthrough above the top trend line at $90.73 would indicate a slower falling rate and could be a sign of a potential trend shift. Based on the current short-term trend, it is anticipated that the stock will experience a -6.58% decline over the next 3 months. There is a 90% probability that the stock will reach a price range between $70.94 and $84.76 at the end of this 3-month period. It's important to note that if the stock manages to maintain or exceed its current levels, the predictions may change positively in the coming days as the conditions for the current projections would be broken. Additionally, Ant Group, co-founded by Jack Ma along with Alibaba Group, announced a share buyback valued at $78.5 billion, significantly lower than its valuation before its IPO was halted by Chinese regulators three years ago. The combined market capitalization loss for Ant and Alibaba reaches approximately $877 billion, calculated based on peak share prices recorded in late October 2020, around the time when Jack Ma criticized Chinese financial regulators and banks in a notable speech.