Capital Street Inter markets Limited is a Global Business Company (GBC1) incorporated and regulated by the Financial Services Commission, Mauritius. It is fully licensed and regulated by the FSC Mauritius, as a Full Services Investment Dealer....
9th Floor, Ebene Tower, 52 Cybercity Ebene, Republic of Mauritius
Alibaba is currently trading at 142.86-lower by 1.65% as compared to the previous closing. In Pre-market trading on Monday, the stock was traded higher by 0.11% on Friday’s closing price. The stock turned lower after the opening bell.
The Chinese e-commerce giant on Sunday broke through last year’s Singles Day sales record, racking up more than $30.8 billion in the 24-hour shopping event.
Gross merchandise value, a figure that shows sales across the company’s various shopping platforms, surpassed last year’s $25.3 billion record at around 4:34 a.m. ET on Sunday, and kept moving higher through the rest of the day. In terms of the Chinese currency, GMV totaled 213.5 billion yuan, surpassing last year’s figure of 168.2 billion yuan and representing a nearly 27% YoY rise.
Alibaba’s Singles Day sales haul easily exceeded the spending by consumers during any single U.S. shopping holiday.
Alibaba is strongly focused this year on a strategy it calls “new retail,” which aims to bring together the online parts of its business with the offline. For example, it has a chain of grocery stores called Hema which allow users to go in and shop, pay with their phone and walk out.
Alibaba stocks are down nearly 16% this year due to weakening investor sentiment towards Chinese tech. companies because of the US-China trade war. The Chinese company on 2nd Nov. cut its revenue guidance for the fiscal year 2019 by 4 to 6% when it announced Sept. Quarter results.
On the technical front, the RSI is currently at 45.12% and suggests that the market can continue trading sideways. The %K has crossed the %D from above to the downside at around 78% and suggests that the market may head downwards. The current price is below the MA5.
Overall Bias is Mixed/Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT SELL AT 143.10 TAKE PROFIT AT 142.00 STOP LOSS AT 143.50