Alibaba stock surges 6% despite record antitrust fine

Alibaba (BABA.US) – ADR rose more than 6% after Chinese anti-trust regulators fined the e-commerce giant with a $2.8 billion fine for abusing market dominance. Company said it doesn’t expect any further impact from the antitrust crackdown in China which clearly improved investors' mood. The fine only accounts for 4% of Alibaba's domestic sales, while the legislation allows for a 10% fine. “Despite the record fine amount, we think this should lift a major overhang on BABA and shift the market’s focus back to fundamentals,” Morgan Stanley wrote Sunday.

Alibaba (BABA.US) stock launched today's session with a massive bullish price gap and is currently testing major resistance at $242.00 which coincides with 200 SMA (red line). Should a break higher occur, upward move may accelerate. Next resistance lies at $253.08. On the other hand, if sellers will manage to halt advances here, then downward impulse towards support at $232.09 could be launched. Source: xStation5

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