Patterns: Alibaba, silver
|Alibaba price passes low levels
On Tuesday, November 30, the stock price of Alibaba passed the 2018 and 2019 low levels at $129.70. The decline occurred, as the rate passed the support of the 50-day simple moving average at the $160.00 level. In the meantime, the rate has been declining from its all-time-high level booked on October 27 2020 in a channel down pattern.
A continuation of the decline of the price has no close by technical support levels. However, it is highly likely that round price levels are set to act as stopping points. Namely, previously, the 140.00 mark managed to cause a recovery, the 180.00 acted as resistance and the 160.00 level provided support.
On the other hand, a potential recovery of the stock price could find resistance in the 2018 and 2019 low levels at 129.70 and the 130.00 and 140.00 round price levels.
Silver breaks pattern
The resistance of the 200-day simple moving average provided the price of silver with resistance in the middle of November. The resistance was enough to cause a decline, which broke the two-month channel up pattern and passed below the support of the 50-day simple moving average. On December 3, the price had almost reached the 2020 summer and 2021 absolute low level zone that is located below the 22.00 level.
If the price passes below the support zone at 21.50/22.00, it could extend its decline to the 20.00 mark. Below the 20.00 level, the 2019 summer high level zone might provide support.
On the other hand, a recovery of the price might find resistance in the 50 and 200-day simple moving averages near 23.50 and 25.00.
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