On Tuesday, Alibaba Group Holdings Ltd (NYSE:BABA) broke up from a bull flag pattern Benzinga called out on Oct. 17. The China-based e-commerce giant reversed into an uptrend on Oct. 5 after a multi-month downtrend where the stock lost over 55% of its value due to Chinese government crackdowns and strained U.S.-China relations.

Alibaba founder, Jack Ma, was reported to be in Spain on Wednesday for an agricultural study tour. The trip marks the first time Ma has traveled abroad since making critical statements about China’s banks and regulators last year.

Alibaba’s Hong Kong shares rallied nearly 9% higher on the news Ma had resurfaced. The gains didn’t spill over into the U.S. markets, however, and while Alibaba opened Wednesday’s trading session about 2% higher, the stock closed flat.

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The Alibaba Chart: Alibaba has soared up over 27% higher since reaching the Oct. 4 bottom near the $139 mark. Alibaba has made fairly consistent higher highs and higher lows within the uptrend, which may give bulls confidence going forward.

The stock may be in need for its next higher low because when Alibaba broke bullishly from the flag formation, its relative strength index (RSI) almost reached 67%. When a stock’s RSI nears or exceeds the 70% level, it becomes overbought, which can be a sell signal for technical traders.

Alibaba has a number of gaps on its chart and because gaps fill about 90% of the time, it's likely Alibaba will trade into all, or at least most, of the empty trading ranges in the future. The stock has gaps above between $193.11 and $194.73, between $206.89 and $212.60 and in the $219.50 to $221.36 range. There is also a gap below between $144.89 and $150.75.

The stock is trading above the eight-day and 21-day exponential moving averages (EMAs), with the eight-day EMA trending above the 21-day, both of which are bullish indicators. Alibaba is trading well below the 200-day simple moving average, which indicates overall sentiment is still bearish.