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When I last wrote about Alibaba (NYSE:BABA) on May 15th with “Alibaba: Dead Money Continues to Disappoint”, the stock was caught in a long-lasting sideways trading range that had followed
Alibaba: Buy The Pullback (Rating Upgrade)
Summary
- Alibaba's stock broke out of a prolonged trading range, reaching new highs above $117.50, prompting a bullish outlook.
- Despite missing earnings and revenue estimates, international segments like AliExpress and Lazada showed 32% annual growth.
- Alibaba Cloud posted $3.74 billion in revenue, indicating 6% annual growth, suggesting long-term growth potential.
- Buy on pullbacks to $100.20 with a stop-loss below $89.50, considering geopolitical risks and potential downside momentum as notable factors.
The Income Machine is driven by market analysis from strategies covering more than two decades of trading experience successfully navigating through a broad range of asset classes. I am @PROSTOCKMARKETS on YouTube, which is where I post daily video updates for all of my trades and define important price levels for the market's most heavily traded assets.
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