Alibaba Is Great Risk Reward Setup For Investors As It Shows Reversal Pattern On Weekly Chart And Improving Fundamentals
Portfolio Pulse from Ripster
Alibaba (BABA) shows a reversal pattern on its weekly chart and improving fundamentals, indicating a potential shift in direction. The company reported double-digit top-line growth for the first time since Q2 2021, with revenue climbing 13.9% year-on-year to RMB 234.16 billion. Despite regulatory challenges, strategic assets like international retail, Cainiao, and local services have re-entered a path of robust growth.
August 28, 2023 | 5:37 pm
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Alibaba's improving fundamentals and reversal pattern on its weekly chart indicate a potential shift in direction, which could be beneficial for the stock.
The company's recent double-digit top-line growth and the re-entry of strategic assets into a path of robust growth indicate improving fundamentals. Additionally, the reversal pattern on its weekly chart suggests a potential shift in direction, which could lead to an increase in the stock price.
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