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Alibaba plunges 7.0% amid HQ move reports

Alibaba (BABA.US) shares plunged over 7% following rumors that the Chinese e-commerce giant was planning to move its headquarters from China to Singapore. However, the company denied the speculation, telling Chinese media that recent news “untrue and a misunderstanding" and its headquarters are in Hangzhou, China. Company explained that the new facility in Singapore will house regional operations with business partners in Southeast Asia such as Lazada Group.

Alibaba (BABA.US) stock failed to break above key resistance at $120.70, which is marked with previous price reactions and 23.6% Fibonacci retracement of the massive downward wave started in October 2021. As long as price sits below, another downward impulse may be launched towards recent lows at $59.00. On the other hand, medium-term 50-day SMA (green line) crossed above the long-term 200-day SMA (red line). This has formed a bullish ‘golden cross’ which can at times precede a move higher. Source: xStation5

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Chart of the day - EURGBP (24.03.2023)