Alibaba's chart resembles Apple before its recent breakout
Today was Singles Day for cyber-shoppers in Asia. The annual event by Chinese e-commerce giant Alibaba (BABA) set another record, up 27 percent from 2018.
Earnings have beaten estimates for the last three quarters. BABA's also a key stock to watch if trade relations between the U.S. and China continue to show signs of improvement.
Still, it's been trapped in a range all year while making higher lows. Interestingly, the current price action may resemble Apple (AAPL) about two months ago. The iPhone maker was in a range and holding its 50-day SMA. Then it broke a triangle and paused for a few weeks before heading to new highs. Does BABA face a similar setup now?
BABA
AAPL
Here's the AAPL chart showing price action in September and October:
Earnings have beaten estimates for the last three quarters. BABA's also a key stock to watch if trade relations between the U.S. and China continue to show signs of improvement.
Still, it's been trapped in a range all year while making higher lows. Interestingly, the current price action may resemble Apple (AAPL) about two months ago. The iPhone maker was in a range and holding its 50-day SMA. Then it broke a triangle and paused for a few weeks before heading to new highs. Does BABA face a similar setup now?
BABA
AAPL
Here's the AAPL chart showing price action in September and October:
