ALIBABA GRP HLD/SH SH Stock Forecast

ALIBABA GRP HLD/SH SH stock downgraded to Hold/Accumulate
(Updated on Apr 12, 2024)

9988.HK Signals & Forecast

A buy signal was issued from a pivot bottom point on Wednesday, March 27, 2024, and so far it has risen 4.14%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The ALIBABA GRP HLD/SH SH stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at HK$72.13. On a fall, the stock will find some support from the short-term average at HK$71.59. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for ALIBABA GRP HLD/SH SH stock

ALIBABA GRP HLD/SH SH finds support from accumulated volume at HK$71.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved HK$2.05 (2.87%) between high and low. For the last week, the stock has had daily average volatility of 3.00%.

Our recommended stop-loss: HK$68.73 (-4.07%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 9 days ago.)

Trading Expectations (9988.HK) For The Upcoming Trading Day Of Monday 15th

For the upcoming trading day on Monday, 15th we expect ALIBABA GRP HLD/SH SH to open at HK$72.20, and during the day (based on 14 day Average True Range), to move between HK$69.46 and HK$73.84, which gives a possible trading interval of +/-HK$2.19 (+/-3.06%) up or down from last closing price. If ALIBABA GRP HLD/SH SH takes out the full calculated possible swing range there will be an estimated 6.13% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at HK$71.00 (0.91%) than the resistance at HK$72.60 (1.33%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is ALIBABA GRP HLD/SH SH stock A Buy?

ALIBABA GRP HLD/SH SH holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: -0.554 Hold/Accumulate Downgraded

Predicted Opening Price for ALIBABA GRP HLD/SH SH of Monday, April 15, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.