ALIBABA may trend higher after it broke out from the downward channel pattern a few sessions ago. In view of the 20-day and 50-day EMAs converging and likely to confirm a bullish crossover, the bullish momentum may be present now. This convergence has enhanced the bullish momentum. We expect the rising momentum to steer the stock higher and test the next level of resistance in the near term.
Net profit is expected to grow at a CAGR of 7% for the next 3 years with strong net margins higher than 15%.
Source: Rakuten Research - 16 Jul 2024
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