Alibaba Group Holding Ltd Stock Forecast
Red day on Wednesday for Alibaba Group Holding Ltd
(Updated on May 01, 2024)
The Alibaba Group Holding Ltd stock price fell by -2.55% on the last day (Wednesday, 1st May 2024) from $9.60 to $9.36. During the last trading day the stock fluctuated 0% from a day low at $9.36 to a day high of $9.36. The price has risen in 6 of the last 10 days and is up by 9.29% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -234 shares and in total, 266 shares were bought and sold for approximately $2.49 thousand.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.71% during the next 3 months and, with a 90% probability hold a price between $8.29 and $9.34 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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BABAF Signals & Forecast
The Alibaba Group Holding Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $9.35 and $9.04. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Tuesday, April 30, 2024, and so far it has fallen -2.55%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Alibaba Group Holding Ltd stock
Alibaba Group Holding Ltd finds support from accumulated volume at $9.25 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved $0 between high and low, or 0%. For the last week the stock has had daily average volatility of 1.03%.
Our recommended stop-loss: $8.90 (-4.91%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (BABAF) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Alibaba Group Holding Ltd to open at $9.36, and during the day (based on 14 day Average True Range), to move between $9.08 and $9.63, which gives a possible trading interval of +/-$0.273 (+/-2.92%) up or down from last closing price. If Alibaba Group Holding Ltd takes out the full calculated possible swing range there will be an estimated 5.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $9.25 (1.12%) than the resistance at $9.56 (2.14%), 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 Group Holding Ltd stock A Buy?
Alibaba Group Holding Ltd 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.
Current score: -0.266 Hold/Accumulate Unchanged
Predicted Opening Price for Alibaba Group Holding Ltd of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| $9.36 ( 0%) | $9.36 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BABAF
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.36 | . | |
| R2 | 9.36 | . | ||
| R1 | 9.36 | . | ||
| Current price: | 9.36 | |||
| Support | S1 | 9.36 | . | |
| S2 | 9.36 | . | ||
| S3 | 9.36 | . |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.75 | 4.17 % | |
| R2 | 9.65 | 3.15 % | ||
| R1 | 9.56 | 2.14 % | ||
| Current price | 9.36 | |||
| Support | S1 | 9.25 | -1.12% | |
| S2 | 8.96 | -4.28% | ||
| S3 | 8.95 | -4.33% |
BABAF Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Dec 20, 2023 | Dec 20, 2023 | Jan 11, 2024 | $0.125 | 1.40% |
FAQ
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