CNBC news: https://www.cnbc.com/2020/05/06/alibaba-stock-could-forecast-global-economic-recovery-after-coronavirus.html
One Chinese stock could forecast the global economy’s next move.
Key points:
Alibaba stock executed a double top pattern before the first crash and is now heading replicate the pattern again. I personally wouldn't take this as any kind of clear sign as I'm doubtful of how good of a leading indicator Alibaba stock is for the global and U.S. economy. However it's interesting to wait and see how things play out for both, the S&P 500 and Alibaba.
One Chinese stock could forecast the global economy’s next move.
Key points:
- Alibaba “stock started rolling over in very early January before the Chinese stock market did and certainly before the global economy started to slow down.
- So in other words, its weakness was a good leading indicator to tell us that the coronavirus was going to have a bigger impact than a lot of people thought,” Maley said Tuesday on CNBC’s “Trading Nation.”
Alibaba stock executed a double top pattern before the first crash and is now heading replicate the pattern again. I personally wouldn't take this as any kind of clear sign as I'm doubtful of how good of a leading indicator Alibaba stock is for the global and U.S. economy. However it's interesting to wait and see how things play out for both, the S&P 500 and Alibaba.