Has Alibaba Stock Finally Bottomed?
@Tiger_James Ooi:
Share Price Performance: The U.S.-listed Alibaba ( $Alibaba(BABA)$ ) fell 5.32%, while HK-listed Alibaba ( $Alibaba(09988)$ ) fell 6.35% year-to-date, outperforming the Hang Seng Tech Index, which has posted a -15.05% return year-to-date. However, BABA is currently trading at USD 73.39, which is still down 77% from its all-time high of USD 317. Source: Bloomberg, 14 Feb 2024 Technical Analysis: There is an inverted head and shoulders pattern in the making, which will be fully formed once it breaks above the neckline at USD78. The earlier inverted head and shoulders pattern successfully formed and propelled Alibaba's stock price to USD 119 in early 2023. While this pattern has worked well for Alibaba