BABA is consolidating in a falling wedge within a larger uptrend. It will experience upside price volatility if it can resolve upwards.
There also appears to be bullish accumulation / distribution divergence forming over the past week. This cummulative indiactor indicates how supply and demand factors are influencing price. In this particular case there may be buying pressure and we can expect the price to reverse to the upside.
One final thing to note is that support was found at the 50-sma on the 1d chart.
My entry point will be once the price breaks out of its falling wedge pattern (~$273). Profit target is $300.