I read online Monday that half of the provinces in China are in some form of Covid lockdown so I see the news as half full rather than half empty. I see China at a bearish extreme and "uninvestable" as an opportunity for a trade to the upside.
Let's check on the charts on one big name.
In this daily bar chart of Alibaba Group (BABA) , below, we can see that the shares have been in a long downtrend and trade below the declining 200-day line. Prices are also below the 50-day line but I can see a lot of testing of the line in the past few months. Prices have not made a new low since March and this tells me that the next test of the 50-day line is going to be successful and BABA should turn higher.
There was heavy trading volume in March and that may have been a "throw in the towel" moment for the stock The daily On-Balance-Volume (OBV) line has moved sideways since April. The 12-day price momentum study made a higher low from April to May for a small bullish divergence.



