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Benzinga
Benzinga
Business
Melanie Schaffer

Here's Why Alibaba Stock Looks Ready To Bounce

Alibaba BABA NYSE China e-commerce

Alibaba Group Holdings, Ltd (NYSE:BABA) was trading flat on Tuesday after plunging over 9% on Monday on a report China has fined the e-commerce and tech giant for failing to comply with anti-monopoly rules.

Recently, China looked to be easing its regulatory crackdowns on its home-based big tech companies in order to strengthen its economy, which spurred gains across China’s beaten down tech sector. Alibaba skyrocketed 61.31% between May 12 and July 8 after plummeting 75.57% from its Oct. 27, 2020 all-time high of $319.32.

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