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Benzinga

Business

Melanie Schaffer

If You're Trading Alibaba As The Stock Surges, Here's How To Plan Entries And Exits

Alibaba BABA NYSE

Alibaba Group Holdings, Ltd (NYSE:BABA) gapped up over 11% higher on Friday after breaking up from a falling channel pattern on Wednesday, which Benzinga called out two days prior.

Although Alibaba looked set to trade higher from a technical standpoint, the gap up open was caused by news the Chinese government plans to hold a symposium with its home-based big tech firms beginning on May 1. Two sources who spoke to the South China Morning Post said the intention of the Chinese government is to inform the tech giants that regulators will end the intense crackdowns that have plagued the tech stocks for many months.

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