JD.Com Inc(ADR) JD shares are trading lower by $0.90 (3 percent) at $27.03 in Thursday's session. That comes after being higher by $0.60, reaching $28.53 just off the opening bell.
The catalyst for the sharply higher open was the announcement after Wednesday's close that Wal-Mart Stores, Inc. WMT revealed in 13G filing it has increased its stake in the online Chinese retailer to 10.8 percent.
Apparently, some investors aren't as convinced as Wal-Mart that the company is a solid long-term investment. In fact, they have used the news to exit the issue.
Following the pop off the open, it has been straight down for the issue, which has continued to make new lows for the session and is currently over $1.50 off its intra-day high.
The issue is now falling into an area of limited support. Based on the daily charts, its next support level may not come in until Tuesday's low ($26.13).
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