Double Bottom In Alibaba?

shares were trading lower by $1.62 at $78 in Wednesday's session. The issue has been under pressure over the last two sessions as the collapse in the Chinese stock market has made investors cautious on the issue. Off the open, a 500,000 plus share sell imbalance instigated a sharply lower opening. However, buyers stepped in a penny ahead of its all-time low ($76.21), stopping at $76.22 and rebounding sharply. The ensuing rally took the issue to $78.41 before falling back to the $78 level.