Alibaba shares advance 5% on reduced China covid restrictions
Alibaba (BABA) stock has jumped more than 5.2% in premarket to $80 after China’s National Health Commission said covid-related lockdowns should end as soon as possible. This announcement sent all Chinese stocks higher as renewed covid lockdowns had pushed these same stocks into a slump over the past several weeks. Protests across China starting last week and seeming to die down on Monday had also weighed on sentiment, but now it appears that the Chinese Communist Party is listening to protestors concerns. If lockdowns do indeed end, then the reopening trade should ignite even further.
ALIBABA TECHNICAL ANALYSIS Daily Chart:
In daily chart Alibaba is currently trading in up channel. Alibaba is currently trading above all SMA.
RSI is in Buying zone which indicates bullishness. And stochastic is suggesting up trend.
Alibaba immediate support level is at 79.33 & resistance level is at 82.20
HOW TO TRADE IN THIS WEEK
Alibaba is trading in up channel it, will follow up channel until any trend reversal. So, remain bullish on it.