Strong Uptrend in Alibaba Suggests $300 Stock Price Long Term

Shares of Alibaba have been in a strong uptrend since there IPO in 2015, more than doubling since its debut. Taking the high and low of 2015 and applying Fibonacci retracement/extension levels, a clear price target of ~$300 is identified at the 423.6% extension level. In the short term the stock should trade sideways or lower to the lower-band of its rising uptrend channel.

If equities continue to break higher across the globe, Alibaba should rally. Once it breaks above its short term down trend (orange line), shares should reclaim their all time high, which also happens to coincide with the 261.8% fibonacci extension level. A potential upside catalyst includes a trade deal between the U.S. and China.

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