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Alibaba Stock Price Is About To Hit A Major Buying Zone

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Written By: Abdullah Sarwar
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  • Alibaba Stock Price Forecast - NYSE: BABA might be very close to forming a bottom. There are string chances of a bounce from $72.5.

Alibaba (NYSE: BABA) stock price might be close to forming a bottom as the bears are getting exhausted. The stock of the Chinese tech giant has seen a sharp sell-off since the announcement of its Q3 earnings.

In the third quarter results, Alibaba reported a 14% YoY increase in revenue which remained at $32.2 billion. However, it was still not enough to keep investors bullish on the stock and it has corrected 10.5% since then.

According to the latest Alibaba news, the company’s research arm has reportedly shut its quantum computing lab amid a restructuring process at the firm. The lab equipment has been donated to Zhejiang University.

It seems that the downtrend in Alibaba shares might be about to end, as the following chart shows bullish divergences. Due to this reason my Alibaba stock price forecast is not that bearish. I won’t be surprised if the stock reverses after hitting the range lows around $72.5. This could be a good buying opportunity.

BABA Stock Price

This post was last modified on Nov 27, 2023, 15:11 GMT 15:11

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar