Dan Zanger On Alibaba Ahead Of Its Lockup Expiration

Chart Pattern Founder Dan Zanger commented on Alibaba Group Holding Ltd

ahead of its lockup expiration. Zanger indicated that he bought the stock at $92, exited the trade at $118 and observed that the stock was now "vacillating at its IPO-lows." "No other Chinese stocks are really doing anything, the economy over there is kind of in a tailspin," Zanger said. The stock was also under "a lot of political pressures right now" because "the government is chasing them for re-selling a lot of goods that are fraudulent and they're trying to hold Alibaba responsible," according to Zanger. Alibaba Group Holding Ltd recently traded at $84.09, down 0.49 percent. Listen to the show here: