Alibaba Sharply Lower On Heavy Volume

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Alibaba Group Holding Ltd.BABA
shares are trading lower by $8.33 at $169.81 in Monday's session. It is now four days removed from Sept.19, when it posted its all-time high ($180.87) and all-time-closing high ($180.07).

After a few days of range bound action, the decline gained momentum once it breached the lower-end of that range at $175.30. So far, the ensuing decline has taken the stock to $167.50 and is now attempting to reenter the $170.00 handle.

With just under three hours remaining in the session, it has traded 25 million shares, which doubles Friday's volume of 12.7 million. It is now on pace to have its biggest volume day since Aug. 18, when it had a volume of 31.5 million shares.

Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
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