Market Overview

Alibaba Continues Rally Following Jack Ma's Meeting With Trump


Alibaba Group Holding Ltd (NYSE: BABA) shares are trading higher by $2.60 at $97.32 in Tuesday's session.

The catalyst for the rally may be Jack Ma meeting with President-elect Donald Trump on Monday. Details of the meeting revealed plans for US expansion that may create 1 million U.S. jobs over the next five years.

The issue, which had on been on tear before the meeting took place, rallied from its year-end close of $87.81 to the $94.00 area at the end of last week. The issue added nearly another dollar on Monday, when the news first hit wires.

After a higher open, the issue retreated but found support just below the upper-end of Monday's range ($95.65) at $95.65 and resumed its move higher. So far, it has reached $97.49 and is trading just off that level.

If the rally continues, there may be some resistance at the pair of highs at the $98.50 area from November 9 ($98.58) and November 10 ($98.50).

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