Alibaba Tests Major Resistance Level Again

Alibaba Group Holding

shares are trading lower by $0.30 at $79.34 in Thursday's session. Since gapping down from the $82 area on the first day of the year, the issue has made a few different attempts to return to the $80 handle. Since March 31,it has made three attempts to clear that psychological resistance level. On March 31 it peaked at $79.84, on Wednesday it peaked at $79.72 and stalled today at $79.86. On the downside, the issue has a pair of lows in a tight area, as Wednesday's low stands at $78.50 and the current low from today's session stands at $78.36.