BABA Stock News: Alibaba Group Holding posts solid intraday advance

NYSE:BABA roughly 10% up for the week amid prevalent market's optimism.
The Chinese government has officially started an investigation into AliBaba’s hometown.
The Hang Seng Index officially hit bearish territory last week as the Chinese tech slide continues.

Stocks Reporter FXStreet

Update, August 28: NYSE:BABA added 6.61% on Tuesday, to end the day at $171.70 per share. It lost momentum ahead of the daily close, as it topped $174.15 intraday. Market participants are cautious as the Jackson Hole Symposium looms, and whatever US Federal Reserve chief Powell has to say about the future of monetary policy. Speculation about delayed tapering has provided support to Wall Street ever since the week started.

NYSE:BABA may have finally found support as the stock bounced off the level at $155.50. This support level was first established way back in 2019, which shows how far shares of Baba have fallen during the recent correction. On Monday, AliBaba gained 3.10% and closed the first trading session of the week at $161.06. It was a bullish session to say the least as investors scooped up dips that came during last week’s August OPEX week. The NASDAQ paced the broader markets, gaining 1.6% on the strength of tech. Chinese stocks also rebounded after the first day of no new reported COVID-19 cases since July.

Stay up to speed with hot stocks' news!

The Chinese government has officially started a probe into local officials in the city of Hangzhou which is conveniently where both AliBaba and Ant Group are headquartered. The investigation is centered around Hangzhou’s Municipal Party Committee Secretary Zhou Jiangyong. The belief is that the CCP is looking into a corruption probe that suspects Zhou of basically what amounts to insider trading for AliBaba and Ant Group shares. The timing seems suspicious, and it may not be long until Jack Ma is once again back under the microscope of the CCP.

BABA stock price target

Last week the Hang Seng Index officially dipped into bearish technical territory, as the Chinese tech stocks continued to tumble. Billions of dollars in market cap have been lost, and some investors may see this as a generational buying opportunity. The bearish territory shows just how beaten down Chinese stocks are, as the move coincides with all three major U.S. indices at or near all-time highs.

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD slumps below 1.1750 as USD benefits from risk-aversion

EUR/USD comes under renewed bearish pressure in the European session and trades below 1.1750 following a recovery attempt earlier in the day. The US Dollar gathers strength and weighs on the pair as investors seek refuge in the wake of Israel and the United States' joint attack on Iran.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold surges on safe-haven demand, rises above $5,400

Gold benefits from intense risk-aversion on Monday and climbs above $5,400, setting a fresh monthly-high in the process. Tensions in the Middle East remain high as Israel and Hezbollah continue to exchange strikes following the US-Israel joint attack on Iran over the weekend.

Bitcoin, Ethereum and Ripple under pressure as key supports face breakdown risk

Bitcoin, Ethereum, and Ripple prices trade on the back foot at the start of this week on Monday, after extending losses in the previous week. BTC is on the brink of a breakdown, ETH is capped below key resistance, and XRP risks a crack of the trendline.

The market is paying for insurance, not apocalypse

As expected, this morning felt less like a Monday market open and more like a fire drill. Futures screens flickered red. S&P contracts down almost 1%. Nasdaq off 1.2%. Brent leaped 13% through $80. Gold rose 1.6% toward $5350 before paring some gains. The dollar is strutting mildly. The Swiss franc is quietly doing what it always does in a storm, catching some safe-haven flows.

Pi Network Price Forecast: Core team offloads supply, weighing on PI recovery

Pi Network hovers below $0.1700, broadly steady at press time on Monday, attempting a recovery after a 2% loss the previous day. Sunday’s decline aligned with nearly 49 million PI tokens offloaded by the Pi Foundation, implying a spike in supply pressure that capped the prevailing four-day recovery.