Alibaba posts solid session with 0.68% gain; upside capped at $120.32

Published: January 26 2023, 00:30 GMT+0

Alibaba posts solid session with 0.68% gain; upside capped at $120.32

A quick look at yesterday: Alibaba ended Tuesday at $119.44. yesterday it went up to $120.32 only to drop back, yet still managed to close at $120.25.

On the flip side, United States Crude Oil Inventories fell short of the 971,000 projections, with new data of 533,000.

At the same time, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories came out at 4.27 million.

A look at other consumer discretionary stocks also showed bullish price action as Walt Disney traded at $108.12 after closing yesterday's trading day at $106 (up 2%). McDonald's added 1.28% to its value, and traded at $273. Amazon gained 0.89%, as it traded at $97.18.

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Furthermore, the market is looking at United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was 0.1%, data will be available today at 13:30 UTC.

Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Dec) scheduled to come out tomorrow at 13:30 UTC.

The stock has been trending positively for about a month. The Chinese technology developer has gained 29.85% since its lowest print of $63.15 earlier this year.

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