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- 1 BABA stock price is currently trading at $93.65 with a drop of -0.40% in the last 24 hours with a current market cap of $235.636 Billion.
- 2 BABA stock is in a strong uptrend, sustaining above the 200-day moving average.
- 3 BABA stock skyrocketed after the Chinese government announced stamp duty cuts.
Alibaba Stock (NYSE: BABA) price is in a strong uptrend, trading over the top, close to the resistance mark of $96. Moreover, BABA buyers are trying to achieve glory by smashing over the hurdle. Recently, Alibaba stock has jumped more than 5.97% since the last month. The price trading above the most influential moving averages signals bullishness.
Latest Update in BABA Stock
BABA stock shot up after China’s Ministry of Finance announced it would cut the stamp duty collected on securities transactions to 0.05%. BABA stock price flipped the bearish trend and caught up with the bullish momentum by breaking the key moving averages.
Moreover, after 2008, this was the first time to cut stamp duty tax, and this step by the Chinese government to propel the slow economy. Previously, in 2008 tax cut down gave a rally of 21% that lasted more than a week indicating the positive outlook for the BABA stock in upcoming weeks.
What Does the Price Action Tell About Alibaba?
The price action showed that Alibaba stock was crashing above the multiple tops showing the massive strength of bulls who continued to make long positions. The oscillators are currently indicating that the price is heading towards the overbought zone. The investors are optimistic regarding the upcoming week’s performance.
At press time, BABA stock was trading at $93.65 with an intraday loss of -0.40% showing bullishness in the previous sessions. Moreover, the intraday trading volume was 13.78 Million, and the market cap of BABA stock is $235.636 Billion.
On the 4-hour charts, BABA stock held the gains on the top and maintained an uptrend. The MACD indicator shows a bullish crossover and green bars forming on the histogram, which indicate bullishness. The RSI curve is near 58 in the overbought zone and continues to favor bulls based on the buying noted on the charts.
Nonetheless, if more buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, the BABA price is expected to move upward giving bullish views over the daily time frame chart.
BABA Stock Analysis: Roadmap to $100
BABA (NYSE: Alibaba) has steadily seen its stock price for the past three months, gaining 3.93% and 5.97% in the last month. Currently, Alibaba stock is trading at $93.65 and has been trying to hold on to this level after an unexpected surge in price.
Currently, Alibaba stock (NYSE: BABA) is trading above the 50 and 200-day SMAs (Simple moving averages), which are supporting the price momentum.
The MACD line at -0.4362 and the signal line at -0.5410 are close to the zero line. A bullish crossover is observed in the MACD indicator which signals strength in the momentum of the Alibaba stock price. The current value of RSI is 53.19 points. The 14 SMA is above the median line at 46.19 points which indicates that the BABA stock is bullish.
Summary
The price action suggests that the investors and traders are bullish on the 1-day time frame. The price action reflects a bullish perspective at the moment. Alibaba (NYSE: BABA) technical oscillators also support the bullish trend. The MACD, RSI, and EMA are emphasizing positive signs and imply that the uptrend may continue in the Alibaba stock price.
BABA investors avoid the fear of missing out. Scarcity is created in the stock market to gain more investors and creditors. It is better to keep it at arm’s length as this may result in one of the emerging causes of market volatility.
Technical Levels
- Support Levels: $89.03 and $75.91
- Resistance Levels: $108.89 and $115.63
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involve risk. Please assess your situation and risk tolerance before making any investment decisions.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
