Alibaba Group Holdings Inc (NYSE:BABA) was trading higher premarket Monday after gaining 1.43% higher in Friday's session as the stock continues to trend in a rising channel pattern that Benzinga pointed out Nov. 4.

The Hang Seng Index closed in Hong Kong up 1.7% to start the trading week after a combined 16.82% rebound over the last two trading weeks. While the S&P 500 closed the week beginning Oct. 31 down 3.26%, the ETF made a huge move last week, rallying 5.89% off the Nov. 4 weekly close.

The S&P 500 broke bullishly on Thursday from a weekly inside bar pattern after consumer price index data showed inflation ticked lower in October. In China, news the government has started to ease its harsh COVID-19 restrictions boosted stocks in Hong Kong, despite the country reporting record numbers of new infections in three major cities.

Alibaba’s spike higher had the stock looking to break up bullishly from the rising channel pattern, but traders and investors will want to see the stock hold most of its gains. The e-commerce giant didn’t disclose full sales results for its signature Singles' Day shopping festival for the first time, which could spook investors.

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The Alibaba Chart: Alibaba reversed into an uptrend on Oct. 24, between two parallel trendlines. The top ascending trendline has been acting as resistance and the bottom ascending trendline has been acting as support.

Photo via Shutterstock.