The retail giant is anticipated to report Earnings Per Share of $1.87 for the fourth quarter of 2019, which ended in December 2019. If it succeeds in doing so, this would be the strongest quarterly performance on record to date.
According to Matthew Johnston of Investopedia:
“investors will focus on a key metric, “annual active consumers” across Alibaba’s online properties.”
This means that if the company reports more-than-expected active consumers, it would not only continue its trend of robust gains, but it would also likely lead to a surge in its share price.
Conversely, if there is a negative surprise in these metrics, the share price is likely to suffer as a result and even potentially form a new bearish downswing from the current correction.
Several indications are suggesting that the price action might be due to enter into range trading.
Firstly, the all-time high on the 13th of January has formed a shooting star candlestick, which demonstrates waning bullish commitment and a potential reversal in the share price’s direction.
Secondly, the price rebounded three weeks ago and got back above the 23.6 per cent Fibonacci retracement at 207.30, which is currently acting as a support. Both these conditions presuppose the likely formation of a new range within these two extremes.
Finally, the MACD is getting really close to forming a bearish crossover, which would likely deter the creation of any major bullish swings for the time being.
The candle representing the price action the week before last has a vast upper-shadow that has closed below the 5-day MA, which is further evidence of the current short-term parity between bulls and bears.
BABA 1W Price Chart. Image source: Trendsharks ©, created with TradingView.com
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