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.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Seize a share opportunity today
Go long or short on thousands of international stocks.
- Increase your market exposure with leverage
- Get commission from just 0.08% on major global shares
- Trade CFDs straight into order books with direct market access
Live prices on most popular markets