Yelp Inc YELP shares are trading lower by $0.85 (1.4 percent) at $39.10 in Wednesday's session. On Tuesday, the issue rallied from Friday's close ($38.00) to $39.95 off a positive mention in Barron's over the weekend.
The issue looked to extend the rally off the open, but ran into a major resistance area. Following a higher open, it rallied to $41.17 before reversing course. That high coincides with a trio of highs from October 7 ($41.30), October 10 ($41.40) and October 11 ($41.19).
After retreating from that high, it sliced through Tuesday's close ($39.95) and continued to make new lows for the session with the current one standing at $39.05.
If the decline continues, there may be limited support until Tuesday's low ($38.08), which was just above Friday's close of $38.00.
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