Watch These Alibaba Price Levels as Stock Jumps to 3-Year High After Earnings | Global News Avenue

Alibaba Group (dad) U.S.-listed stocks soared to three-year highs on Thursday after Chinese technology and e-commerce giants Reported quarterly results are higher than Wall Street expectations.

The company said AI– Driven strategies have regained growth in their core business, adding AI-related products income It achieved triple-digit growth for the sixth consecutive quarter.

Alibaba shares have soared 60% since Thursday’s end, a report that the company will work with Apple (the company will work with Apple)AAPL) arrive Providing iPhone AI capabilities in China. Feelings about the stock have also been recently gained an elevator after attending a meeting with Jack Ma, co-founder of Chinese leader Xi Jinping, earlier this week, suggesting that conversations between the two have improved. .

The stock rose 8% to $136 on Thursday, its highest level since November 2021.

Next, we carefully study Alibaba’s Weekly chart and identify key lethal levels worthy of attention.

Accelerate purchasing momentum

Since experiencing a wide range of top trend lines Symmetric triangleAlibaba’s stock price trend has risen sharply, and its recent price has recovered. 200-period moving average (MA).

Importantly, the gatherings occur above average Trading volumesignals of buying beliefs from large market participants, e.g. Institutional Investors and hedging funds.

and Relative Strength Index (RSI) Confirm bullish price momentum, reading exceeds 70 thresholds, indicators also flash Overbought Stock conditions increase short-term possibilities Make a profit.

Let’s determine the key Support and resist On Alibaba charts, investors may be watching.

Key support levels to watch

The initial wave of profits could make the $103 level work. These stocks may receive support in the area near the 200-cycle MA, which is closely aligned with April and July 2023 peak.

A close distance below this position could make the stock revisit the $78 level. The area is currently located near the top trend line of the symmetrical triangle and can provide nearby support on the chart extending into March 2022.

Important resistance levels to monitor

If the stock continues to track higher, investors should initially monitor how the price responds to the $178 level. Stocks may encounter resistance in the area near September and October 2021 Counter-trend Peaks formed over a long period of time decline The whole of 2021 and 2022.

Ultimately, buying above this level may fuel up to around $231. Investors may seek Lock profits Near the trend line, the field connects the famous trend line in January 2020 Swivel high Between June of the same year and June 2021, there are a series of comparable trading levels on the chart.

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As of the date of writing this article, the author does not own any of the above securities.