Alibaba Crosses $100 For First Time Since January 2015

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Shares of Alibaba Group Holding Ltd BABA are set to close above the $100 level on Tuesday for the first time since January 27, 2015.

It’s been a long, tumultuous journey for Alibaba shareholders since the company’s record-setting 2014 IPO, but the path now seems cleared for the Chinese e-commerce giant to once again make a run at its all-time high of $120 from November of 2014.

This time last year, Alibaba’s stock appeared to be in free-fall and was trading well below its IPO price of $68/share. Fears surrounding the health of the Chinese economy were compounded by concerns over the reliability of Alibaba’s accounting. Earlier this year, investor fears seemed warranted when the SEC announced a probe of Alibaba’s accounting methods. The probe remains ongoing.

Related Link: South China Morning Post: China Is 'In Better Shape Than Many'

Yet despite the fears and controversy, Alibaba has continued to post staggering growth numbers that rival U.S. competitor Amazon.com, Inc. AMZN. In addition to its massive lead in Chinese e-commerce market share, Alibaba also has one of the fastest-growing cloud services businesses in the world in recent quarters.

Now that the $100 psychological level has been definitively taken out, there seems to be few technical barriers between $100 and $120. Investors will be watching closely to see if Alibaba’s big 2016 run will culminate with a break-out to new all-time highs or if they're in for a repeat of what happened after the stock’s first move above $100 in late 2014.

Disclosure: The author is long BABA.

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