Alibaba Group BABA is range bound between 79.50 and 103.50. And need to break out for direction
A close above is likely to be leading to a rally to resistance at around 102.90.
If that scenario plays out there could be further upside however, a close above 103 is likely to push the share price higher medium- to longer term
The daily Moving Averages are all rising and the 55 is about to form a Gold Cross by breaking above both the 100 and 200 Moving Average. Daily RSI is showing positive sentiment indicating BABA break out is to be to the upside.
There is minor RSI divergence however, but if the Indicator is closing back above 60 there is a good chance the divergence will be cancelled further adding to the Bullish picture
Both on daily and weekly chart BABA is above the Cloud and weekly RSI is also showing positive sentiment further adding to the bullish picture both short-and medium-term.
A close below 79.50 could fuel a sell-off down to around the October 2022 trough at around 58. First indication of this scenario to play out would be a close below 82.60