Alibaba Group (BABA Stock): Will Q2 Report Favor The Bulls?
- The Alibaba stock price is currently trading at $96.90 while witnessing a return of -0.70% during the intraday session.
- The year-to-date return of BABA stock price is 6.35%, and the three-month return is 17.10%.
Alibaba Group’s stock price is currently reflecting a bearish trend with weekly and intraday returns of -1.19% and -0.70%, respectively. There was a sudden decline of roughly 7.71% in the past week from the $102.50 resistance level to the recent $96.69 support level.
In early July, BABA stock price ramped up from the $83 level and rose over 23% with a steady bullish pace. Thus, BABA stock price surpassed the $100 price range. This rise in price was observed in the previous month’s return of 15.38%, which led to Alibaba’s stock price landing in the overbought zone from the monthly point of view.
Alibaba Rolls Out Two AI Models: Qwen-7B & Qwen-7B-Chat
The Chinese Hangzhou-based tech giant Alibaba Group announced the release of two open-sourced large language models (LLM), a type of artificial intelligence (AI) model, on Thursday in a press release.
Alibaba Group unveiled these (LLM) AI models to snatch away the current market dominance enjoyed by OpenAI’s ChatGPT and to challenge Meta’s Llama 2.
Alibaba Group Will Release June’s Quarterly Results On August 10, 2023
On August 10, 2023, Alibaba will announce its earnings and revenue report for the 2nd quarter. According to Zacks Investment Research, the consensus earning per share (EPS) estimated for the quarter is $1.65. The revenue is estimated to be $130.93 Billion.
In the previous month, Alibaba’s stock price performed bullishly, and if the same sentiment is followed, then the price might sustain that bullish trend and can substantially bounce back to the $100 mark.
Technical Highlights Of Alibaba Stock Price.
The relative strength index (RSI) trades at 55.85. RSI denotes neither strength nor weakness in the market, and the price might consolidate. Furthermore, RSI indicates a slight strength in the market during the intraday session.
The Chaikin money flow (CMF) score is 0.02, and it moves with slight upward momentum, and the slight rise in participation of buyers in the market remains in the past 24 hours.
Alibaba’s stock price is currently trading above the 20, 50, 100, and 200-day EMAs, indicating strength in the market. However, it has witnessed negative results in the previous week.
Conclusion
The recent development in the sector of AI by Alibaba Group might help stock prices to bounce back soon. The upcoming Q2 earnings and revenue report of BABA stock price will act as a catalyst for the bulls in the market. Inventors should look for buying opportunities as the indicators also favor this.
Technical Levels
Major support: $79.48 and $77.77
Major resistance: $121.30 and $105.05
Disclaimer
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