JOIN OVER 100 THOUSAND MEMBERS AND START RECEIVING THE FREE DAILY EMAIL THAT COVERS EVERYTHING TRADERS NEED TO KNOW AHEAD OF THE OPENING BELL. Chinese tech concernAlibaba Group Holding Ltd (NYSE:BABA)is down 1.4% at $164.21 this morning, struggling after a Financial Times report claimed the Chinese government is looking to put a halt to Jack Ma's Ant Group's payments company, Alipay. BABA has not fared well on the charts since hitting its Oct. 27 record high of $319.32, now down 28.6% for 2021. Overhead pressure from the 30-day moving average has also been a factor in the stock's downtrend, as well as the long-term weight of the chip shortage and the Chinese government's broader crackdown of tech. Despite its run lower, analysts remain heavily optimistic towards the security. Heading into today, 14 of the 15 covering firms boast a "strong buy" recommendation for BABA. Similarly, options traders seem optimistic, with calls popular. Specifically, BABA's 10-day put/call volume ratio of 3.06 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands higher than 75% of readings in its annual range. Grab your FREE Eternal Contrarian report!
CNY - Chinese Yuan Renminbi