Alibaba News Forecast & Technical Analysis - 30 November 2022

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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:

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