Alibaba and JD.com are Higher Again This Morning – Followthrough Possible
Alibaba (BABA) and JD.com (JD) are trading higher this morning on decent volume.
“Alibaba had another strong quarter, with resilient operating and financial performance as a direct reflection of it’s persistent focus on better serving the growing base of nearly 700 million consumers across retail, digital entertainment and local consumer services,” said Daniel Zhang, Chief Executive Officer of Alibaba Group. “Alibaba’s growth is also driven by the power of Alibaba’s cloud and data technology that helps expedite the digital transformation of millions of enterprises.”
BABA is trading the early session above the highs printed this week, after the company broke out of a two week flat base 170 (+/-). We’re watching for a potential follow-through.
JD.com (JD) broke above recent pivots after reporting earnings Thursday morning. We took profits on the pop as outlined in the Thursday morning post. Later in the day we bought common shares, looking for a follow-through as traders remain persist in their accumulation of Chinese stocks.
Price action is above the large consoildation, a rounding bottom that is quickly morphing into the right side of a larger cup pattern. The 200d held price back yesterday. Volume was five (5) times average.
BABA BILI BIDU JD IQ Follow-through
By the looks of it, most stocks have rounded the corner, rising or breaking out of 3-4 month consolidation patterns. We anticipate this will continue, while watching for any change in character suggesting otherwise. Stay tuned.
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