Alibaba breaks through key resistance after Hong Kong listing
Alibaba shares have received a boost in the wake of the Hong Kong listing, bringing the price into a new 2019 high. Are we set for another surge?
The Alibaba share price has enjoyed a blockbuster week, with their listing in Hong Kong proving a huge boon for this Chinese giant. In a month that saw the firm break their previous singles day record by hitting over $38 billion of online sales, there is plenty to feel optimistic about for Alibaba shares.
The weekly chart below highlights the break through the $195.70 peak from early May, setting a fresh 2019 high in the process. This confirms an exit from the rising wedge formation that has been playing out over the past five months. It also points towards a likely push towards the prior peak of $211.66 record high dating back to June 2018.
From an intraday perspective, the hourly chart highlights the surge we have been seeing, with retracements proving shallow and brief in nature. With that in mind, retracement are seen as a buying opportunity unless we see a break below the most recent swing low. For now, that level is $189.04, with a bullish outlook remaining in play unless we see a break below that point.
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