Alibaba’s stock has been in a sustained downtrend for the past two years, generating a profound structure of lower highs and lower lows. Nevertheless, the price has been gaining ground in the past few daily sessions, crossing above both its 50-day simple moving average (SMA) and the upper Bollinger band.

The momentum indicators suggest that bullish forces are in total control in the short-term picture. The MACD histogram is currently above both zero and its red signal line, while the RSI is ascending beyond its 50-neutral threshold.

Should buying interest intensify, the price may encounter initial resistance at the 110.00 region. Conquering the barricade, the bulls might target the 124.00 peak before the spotlight turns to 139.00. Higher, the 158.00 hurdle could prove a tough one for the price to overcome.

On the flipside, bearish actions could send the price to test the 97.50 level. If that floor collapses, the 91.80 barrier could appear on the radar before the price descends towards 78.00. A violation of the latter may pave the way for the five-year low of 73.00.

Overall, Alibaba’s stock has halted its long-term downtrend, while it is currently aiming to push higher and recoup part of its losses. For that scenario to materialize, the price needs to initially jump above the 124.00 ceiling.