Chart Pattern Founder On Alibaba: Economy In China Is 'Kind Of In A Tailspin'
Dan Zanger was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.
Chart Pattern Founder Dan Zanger commented on Alibaba Group Holding Ltd (NYSE: BABA) 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.
Shares of Alibaba recently traded at $84.09, down 0.49 percent.
Listen to the show here:
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