E-commerce giant Alibaba (NYSE: BABA) shares trade above the $200 psychological level. The company reported mixed first-quarter financial results, on Tuesday. Alibaba earnings per share in the last quarter beat analyst expectations while the revenue missed estimates. The company revenue for the last quarter climbed 34% year-on-year to RMB 205.7 billion (US$31.8 billion).
“We believe in the growth of the Chinese economy and long-term value creation of Alibaba, “Alibaba, CEO Daniel Zhang said. We remain confident that China's economy will continue to grow, and that Alibaba will create long-term value. We will continue to enhance our technology strengths to improve the consumer experience as well as help our enterprise customers successfully transform digitally." he added.
“For the June quarter, global annual active consumers across the Alibaba Ecosystem reached 1.18 billion, an increase of 45 million from the March quarter, which includes 912 million consumers in China,” - Daniel Zhang said.
The company also announced a plan to increase its share repurchase program to $15 billion, up from the current $10 billion.
$BABA long-term and short-term technical outlook
Technically the overall momentum remained bearish for the $BABA throughout this year and the stock is down more than 30% so far in 2021. $BABA has traded as high as $319.3 and as low as $179.6 over a 52-week period.
In the short term, the stock found support just above the previous week low of $180. If this level is broken, then the next demand area to watch is around $170. On the flip side, if the price breaks above $207 which would open doors towards $215 and above that $220 is next.
However, In the long-term, there are chances the stock may eventually rise back to above $230 if the stock holds above $150.
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