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.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

Seize a share opportunity today

Go long or short on thousands of international stocks.

  • Increase your market exposure with leverage
  • Get spreads from just 0.1% on major global shares
  • Trade CFDs straight into order books with direct market access

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.


Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.