Alibaba nears first golden cross since IPO after bullish signal

DEC 16, 201511:45 PM

[NEW YORK] Alibaba Group Holding Ltd's stock is less than a dollar away from its first golden cross since going public last year, with its 50-day moving average about 1 per cent away from exceeding its 200-day moving average.

The shares have risen 3.5 per cent in the past two days, the biggest such rally since Nov 23. The stock sent a so-called bullish harami signal on Monday. The e-commerce giant headed by billionaire Jack Ma yesterday announced a multi-year licensing agreement with Walt Disney Co for a device that will deliver Disney and Pixar movies, games and travel services in China.

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