Alibaba Group's (BABA) U.S.-listed shares soared to a three-year high on Thursday after the Chinese technology and e-commerce giant reported quarterly results above Wall Street exꦜp♛ectations.

The company said its 澳洲幸运5官方开奖结果体彩网:artificial intelligence-driven strategies had reaccelerated growth in its core businesses, adding that AI-related product revenue achieved triple-digit growt♍h 🍎for the sixth consecutive quarter. 

Alibaba shares have surged 60% since the start of the year as of Thursday’s close, boosted by reports that the company will partner with with Apple (AAPL) to 澳洲幸运5官方开奖结果体彩网:pr🦂o🐽vide AI features for iPhones in China. Sentiment towards the stock also received a lift recently after co-founder Jack Ma attended a meeting earlier this week with Chinese leader Xi Jinping, indicating improved dialog between the pair.

The stock rose 8% to near $136 on Thuꦰrsday, closing at its highest 𝔍level since November 2021.

Below, we take a closer look at Alibaba’s 澳洲幸运5官方开奖结果体彩网:weekly chart and identify key post-earnings p🍸rice levels worth watching out fꦅor.

Accelerating Buying Momentum

Since undergoing a retracement to the top trendline of a broad 澳洲幸运5官方开奖结果体彩网:symmetrical triangle, Alibaba shares have trended sharply higher, with the price recently climbing back above the closely watched 澳洲幸运5官方开奖结果体彩网:200-period moving average (MA).

Importantly, the rally has occurred on above-average 澳洲幸运5官方开奖结果体彩网:trading volume, signaling buying conviction from larger market participants, such as 澳洲幸运5官方开奖结果体彩网:institutional investors and hedge funds.

While the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bullish price momentum with a reading above the 70 threshold, the indicator also flashes 澳洲幸运5官方开奖结果体彩网:overbought conditions in the stock, increasing the likelihood of short-term 澳洲幸运5官方开奖结果体彩网:profit-taking.

Let’s identify key 澳洲幸运5官方开奖结果体彩网:support and resistance levels on Alibaba’s chart that investors m✱ay be watching.

Key Support Levels to Watch

An initial wave of profit-taking could bring the $103 level into play. The shares may find support in this area near the 200-period MA, which closely aligns with the April and July 2023 peaks.

A close below this locationꦑ could see the shares revisit the $78 level. This area, currently positioned near the symmetrical triangle’s top trendline, may provide support near a range of similar price points on the chart stretching back to March 2022.

Important Resistance Levels to Monitor

If the stock continues to track higher, investors should initially monitor how the price responds to the $178 level. The shares may run into resistance in this region near the September and October 2021 澳洲幸运5官方开奖结果体彩网:countertrend peaks that formed during a prolonged 澳洲幸运5官方开奖结果体彩网:downtrend throughout 2021 and 2022.

Finally, buying above this level could fuel a rally to around $231. Investors may seek to 澳洲幸运5官方开奖结果体彩网:lock in profits in this area near a trendline that links the prominent January 2020 澳洲幸运5官方开奖结果体彩网:swing high with a series of comparable trading levels on the chart over a twelve-month period between June that same yea🎉r and June 2021.

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