Upside trajectory intact

The upside trajectory for Alibaba seems to be intact even though the Chinese markets are struggling to catch a break from the selling. Stocks that prove resilience to headwinds tend to outperform during tailwinds. Currently, the e-commerce giant’s stock is trading at around $79.73 a share and heading for a green weekly close. We can see the supportive trendline remains unbroken, supporting the price momentum over the recent weeks. In fact, it seems like it is edging towards the resistance of $80.99. A break above here may spark optimism for a push towards this year’s high of $90.43. Towards the downside, support along the trendline going into next week reads $73.77. A fall below here could see traders look towards levels of $71.80 and then $67.96. However, if $67.96 was to be reached then this would be of concern for the buyers going into the back of the year. Looking at the technical indicators, the MACD volume is low and faded,  but the RSI is on the rise as it reads 54. Alibaba shares are only up almost 3% YTD.