Alibaba Shares Nearing All-Time Low

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Alibaba Group Holding Ltd BABA shares were trading lower by $1.37 (1.5 percent) at $84.10 in Tuesday's session. After failing to hold above Monday's closing price ($85.47), briefly reaching $85.53, it began to move lower.

The decline gathered momentum as it breached Monday's low ($85.25), which was its lowest level since making its all-time high on November 13 ($120.00). It had moved down that elevated level to the $100.00 area ahead of its Q3 earnings report, which beat on EPS ($0.81 vs. $0.75), but came up shy on the revenue end ($4.22 billion vs. $4.45 billion).

The issue was not able to recover much of the nearly $9.00 loss on January 29, rebounding to $92.00 over the next few trading sessions before beginning another leg lower. The intraday low of $83.88 stands a little over $1.00 higher than its all-time low that was made on October 15 ($82.81).

Keep in mind, the all-time low is still more than $14.00 higher than the original pricing for the issue ($68.00) when it debuted on the NYSE on September 19, 2014.