Market Overview

Trading Lower on Heavy Volume are Shares of China BAK Battery on 1.4x Above-Average Volume (CBAK)

(via COMTEX News Network)--

Shares of China BAK Battery (NASDAQ: CBAK) are trading down 6.4% to $1.03 today on above average volume. Approximately 615,000 shares have traded hands today vs. average 30-day volume of 252,000 shares.

Spikes in volume can validate a breakout or signify a potential turning point. As such, SmarTrend will continue to monitor shares of CBAK to see if this bearish momentum will continue.

SmarTrend currently has shares of China BAK Battery in an Downtrend and issued the Downtrend alert on March 15, 2011 at $1.69. The stock has fallen 34.9% since the Downtrend alert was issued.

In the last five trading sessions, the 50-day MA has fallen 2.78% while the 200-day MA has slid 0.25%.

In the past 52 weeks, shares of China BAK Battery have traded between a low of $1.05 and a high of $2.40 and are now at $1.06, which is 1% above that low price.

Write to Chip Brian at cbrian@mysmartrend.com

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