Kandi Technologies Tumbles On Monster Volume

'' Kandi Technologies

shares are trading sharply lower by $1.06 at $10.86 in Tuesday's session. With no relevant news out on the issue, let's examine the technical's for a reason for the sharp decline for the automotive manufacturing company based in Jinhua, China. Prior to today's session,the issue had been hovering just above the $11.50 level since mid-January,when it bottomed at that level and rallied to $14.86 on March 16. On Monday, it bounced off $11.56 and ended the session at $11.92. After a lower open, it peaked at $11.88 and immediately headed to breached the major support level. With it being such a long standing support level, sell-stops coupled with aggressive momentum short-sellers may have accelerated the selloff. So far, it has reached $10.36, which coincides with its December 16 low ($10.30). Since making the low, it has been struggling to reenter the $11 handle. It should be noted today's decline is taking place on much heavier than normal volume. It has already traded 2.1M shares compared with it 20 day average of 611k shares.