Alibaba Group Holding Limited (NYSE:BABA) Making Bets on China
Chinese e-commerce giant Alibaba will integrate blockchain technology into its intellectual property system of global enterprises and brands, local news outlet Sohu reported on May 23.
Ali Xizhi, the company’s director of intellectual property protection, reportedly said that Alibaba is in the process of upgrading the filing of intellectual property rights by utilizing blockchain. Alibaba is planning to fully implement the technology in September, after which it will be expanded to digital copyright protection, including visual content.
The system will purportedly allow electronic deposits from international brands to directly link to the Internet Court through the blockchain-based Ali Intellectual Property Protection Platform (“IPP Platform”), providing a basis for litigation rights protection. China has reportedly set up three Internet courts in Hangzhou, Beijing and Guangzhou to manage internet-related cases and allow plaintiffs to file their complaints online.
In March, Alibaba and Aerospace Information Co., a major software developer and provider, agreed to take advantage of their respective brand technologies “to actively integrate resources and carry out in-depth cooperation” in the fields of cloud computing services, finance and taxation, government affairs and blockchain technology, among others.
Also in March, vice president of Alibaba Group Liu Song revealed the company’s plans to implement blockchain technology for cross-border supply chains, with the possibility to link with local governments.
Earlier this week, a report by Securities Daily News revealed that Alibaba had applied for 262 blockchain patents.
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 173.51.
The projected upper bound is: 165.54.
The projected lower bound is: 145.47.
The projected closing price is: 155.51.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
An on-neck line occurred. This is a bearish pattern where prices should move lower when the white candlestick’s (i.e., the most recent) low is penetrated.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 9.8867. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 9 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 28.70. 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 2 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 -143.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 6 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 12 period(s) ago.
Rex Takasugi – TD Profile
ALIBABA GRP ADR closed down -2.830 at 156.000. Volume was 61% above average (neutral) and Bollinger Bands were 107% wider than normal.
Open High Low Close Volume___
155.500 158.465 154.410 156.000 5,113,047
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 168.45 180.73 164.46
Volatility: 50 36 44
Volume: 5,053,003 3,226,048 4,059,439
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 5.1% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of BABA.N at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on BABA.N and have had this outlook for the last 10 periods. Our momentum oscillator is currently indicating that BABA.N is currently in an oversold condition.
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