(Bloomberg) -- It took just 10 days for a rally in Alibaba Group Holding Ltd. to flip the shares from being ice cold to red hot.

Most Read from Bloomberg

• Trump Faces Fingerprints, Mug Shots After Historic Indictment

• $52 Billion Chipmaking Plan Is Racing Toward Failure

• $335,000 Pay for ‘AI Whisperer’ Jobs Appears in Red-Hot Market

• New Yorkers Are Moving to These Three Florida Cities

• A $3 Trillion Threat to Global Financial Markets Looms in Japan

The Chinese internet conglomorate’s plan to slash its empire into six units has so far added $47 billion of market value, causing a key technical indicator to flash a sell signal — little more than a week after it showed the stock was oversold.

Alibaba’s 14-day relative strength index has risen above 70, typically a signal that a rally has gone too far. The US shares have jumped more than 20% so far this week, extending gains on Thursday after its logistics unit started preparations for a Hong Kong listing.

It’s not the first time this year that Alibaba crossed above the overbought level. The relative-strength index started flashing a sell signal on Jan. 4, and stayed above 70 for much of the month, before the stock pulled back.

Investors had pared bets in the e-commerce giant after results showed tepid sales and anemic growth amid China’s economic reopening.

But the recent gains in Alibaba’s shares come as Wall Street digests spinoff plans that stands to unlock value in the company’s main divisions, from e-commerce and media to the cloud.

Rival JD.com Inc. followed suit on Thursday, announcing plans to list two units in Hong Kong, which also drove a steep climb in shares.

Most Read from Bloomberg Businessweek

• John Wick’s Blowout Opening Lifts Lions Gate, But It Won’t Fix Starz

• College Students Are About to Put a Robot on the Moon Before NASA

• The Triumph of UBS Is Also the Humbling of Swiss Banking

• SVB’s Collapse Shows the World’s Favorite Safe Asset Isn’t Risk-Free

• The Texas Preacher’s $24 Million Ponzi Scheme

©2023 Bloomberg L.P.