Alibaba Group Holding Limited (NYSE:BABA) group reported its first-quarter numbers Tuesday and investors were disappointed. Revenue rose by about 34% to 205.74 billion yuan ($31.8 billion). This was below estimates of 209.37 billion.
If the shares end up moving higher, there’s a good chance they run into resistance around the $210 per share level. It could keep a top on the shares.
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This is because $210 was previously support. Now that the price is lower, investors who bought BABA at $210 while it was support are losing money. Many decide to sell, but they are reluctant to take a loss.
These remorseful buyers will be placing their sell orders at $210. If there are enough of them, the overhanging supply could put a top on the price.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.