Alibaba Shares Swing Upwards Ahead of Q1 2016 Earnings Report

Alibaba Group Holding Limited Q1 2016 revenue is likely to reach the level of $3.57 billion, a 33% increase from earnings of $2.68 billion from the same quarter previous year. On the hourly chart, the stock has climbed to 75.15 after hitting the support at 74.71. RSI (14) is pointing up to the level 40.4760, indicating that the bull and bear are locked. In contest. BABA is anticipated to climb up in a corrective bounce, before pulling back, as the parabolic SAR band is still exerting downward pressure above the price chart.

Trade suggestion

Sell at 74.97, Stop loss at 75.25, Take profit at 74.58

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