Alibaba Group Holding Limited (NYSE:BABA) Cloud Joins Forces With Other Firms To Offer Easier Business Path Into China
Alibaba Cloud has struck a strategic partnership with working space firm WeWork and solutions consultancy SoftBank Telecom China, to offer a one-stop cloud platform for businesses of all sizes that are looking to enter China, or scale up their presence there.
The initiative is a direct contrast to recent US government moves to now stifle and block some Chinese companies from entering its markets, as a trade war between the two countries seems to be growing.
The partnership offers customers cloud and enterprise services, flexible working spaces and business consulting, along with cross-border IT infrastructure. “The programme aims to empower global companies to create and expand business opportunities into the rapidly growing Chinese market,” said the partners.
Lancelot Guo, vice president of Alibaba Group and general manager of strategy and marketing for Alibaba Cloud Intelligence, said: “Together, we are committed to supporting global enterprises to connect with digitally savvy Chinese customers. With Alibaba Cloud’s technologies and ecosystem support, we hope to help tackle some common challenges faced by multinational companies entering or growing in China, enabling them to stay competitive.”
Christian Lee, vice chairman of WeWork Asia, said: “The partnership is significant to us as we ourselves have been through the journey of setting up and scaling our business in China. When we began here back in 2016, we had to adopt a very localised approach to navigate in this very unique business environment.”
The combined offering promises “exclusive pricing rates” for services, in addition to technology workshops, marketing opportunities, training programmes and business events.
Earlier this week, it was reported that Alibaba Cloud parent Alibaba Group is planning to follow its $25bn New York IPO in 2014 with another huge listing in Hong Kong. Those plans haven’t so far been confirmed by the company, but Alibaba Cloud is certainly expanding in Europe with new partners and investments.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 169.55.
The projected upper bound is: 160.48.
The projected lower bound is: 140.42.
The projected closing price is: 150.45.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 26 white candles and 24 black candles for a net of 2 white candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 12.7816. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 13 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 25.52. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 6 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -103.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 10 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 16 period(s) ago.
Rex Takasugi – TD Profile
ALIBABA GRP ADR closed down -1.410 at 151.070. Volume was 3% above average (neutral) and Bollinger Bands were 136% wider than normal.
Open High Low Close Volume___
152.460 153.300 150.250 151.070 3,407,003
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 159.74 178.49 163.95
Volatility: 35 36 44
Volume: 5,863,758 3,583,266 4,089,965
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
ALIBABA GRP ADR is currently 7.9% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of BABA.N (mildly bearish). Our trend forecasting oscillators are currently bearish on BABA.N and have had this outlook for the last 14 periods. Our momentum oscillator is currently indicating that BABA.N is currently in an oversold condition.
Latest posts by HEFFX Australia (see all)
- New Resort Tees Off with Golf Course to Unveil ‘Stay and Golf’ Experience - October 22, 2020
- Introducing Vietnam’s Coast With the Most - October 22, 2020
- Tesla (NASDAQ:TSLA) Drops a Huge Bombshell with Q3 2020 Results - October 22, 2020