Shares of Alibaba (BABA) have been holding above a rising trendline. We looked at BABA as it tested and respected a rising trendline earlier this week. As we close the week, we are seeing price action that suggest bulls are indeed taking control.BABA 1H Chart 12/9(click to enlarge)Price Bottom, Breakout, Confirmation:- Looking at the 1H chart, we can see price for the most part held above 90 and consolidated for a few sessions,. -Then, when price pushed above 93.00, the consolidation became a price bottom.- A pullback followed the breakout, and price held above 93.00, respecting the previously broken consolidation as a price bottom.- This price action suggests a bullish reversal is at hand. But since we are looking at the 1H chart, the bullish reversal scenario could be limited to the short-term.BABA Daily Chart 12/9(click to enlarge)Critical Resistance Around 96.00:- The 1H chart suggests a bullish reversal, but as I noted, we should limit that outlook to the short-term.- In fact, if price gets to 96.00, BABA will be challenged by a previous resistance pivot (96.15), and a falling trendline seen in the daily chart. - Now, a break above 96.00 would invite the bullish continuation outlook, in the medium-term. - It would open up the highs around 109.80, but we should also monitor for resistance around the 100 psychological handle, especially if the RSI is back to 60, and stalls.