31 days ago • Posted by William Ramstein
BABA showing positive signs-- is it on sale?
Adjusted earnings rose 30% to $3.38 a share. Revenue growth accelerated for the third straight quarter, jumping 46% to $33.87 billion. Revenue for the company's cloud computing business grew 50% year over year to $2.47 billion. With Alibaba stock still far off its high and below its recently converged 50-day and 200-day moving average lines, Alibaba is not a buy now because it still has overhead supply to work through. Risk averse investors will wait and see if Alibaba can get back into rally mode and fully form the right side of a base. Renewed signs of institutional buying would help the stock's cause, but there aren't any signs of it yet. An early entry would be seen if Alibaba stock can move above its recent high of 274.29. Source: investors.com