Alibaba price passes low levels

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Source: Dukascopy Bank SA


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.
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