Will Alibaba return to its glorious days of 2015?If you have forgotten how Alibaba make its heydays in 2015, read here . Thereafter, two years later, the stock price simply rocket up its way from a low base of 56 to a superb high of 320 in 2020, a mere 5 years period.
Moving forward, I believe more upcoming unicorns especially from China will take even shorter periods , maybe 2-3 years to make this kind of huge returns.
The property market has been causing much unhappiness among the people of China despite the government announcing measures to prop it up (interest rates cut, lower downpayment,etc) Still, the people are hesitant and everyone is sitting on the fence hoping for more and better incentives from the government.
From the weekly chart, we can see multiple support at 81.58 price level , beginning from March 2022. It has been going sideways for more than 18 months without giving its investors much hope of a rally. But now, we are again near the end of the bearish trend and there lies a possibility of yet another breakthrough. Or, it could revisit the next support at the 56.66 price level.
I believe a bottom is nearing and I will be buying on weakness and pullbacks. Please DYODD
