Alibaba Group Holding Ltd BABA shares are trading lower by $2.80 (1.7 percent) at $174.52 in Monday's session.
Over the past few weeks, the stock has retreated from its all-time high made on Oct. 11 at $184.70 and had found a trading range over its last five sessions.
The upper-part of the range is well defined, as all of its five previous highs have been in a narrow range from $179.52 to $180.02. This signifies a large seller or group of sellers at a key whole number below its all-time high.
The lower-end of the range was defined by the pair of lows from Oct. 17 ($175.30) and Oct. 19 ($175.45).
After a higher open, Alibaba rallied only 21 cents to $178.01 and reversed course. The ensuing decline has breached those lows falling to $173.77. At this time, it's attempting to rebound back over the former support level.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
