JD | Clearly bearish short term
Updated
Hey all,
on a technical standpoint only, JD.com should be trading sideways or red for the next few weeks.
The 2020 uptrend was broken in early 2021, price is now beneath ALL MAs, and RSI has been stuck in a downwards channel for a while.
The correction may be losing steam as we see from falling volume, but with China relations headwinds on the horizon for a couple months to come, I can see this trading lower over the short term.
I am long the name, so will happily add to my positions in the red zones marked in the chart.
Would love to hear your thoughts!
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
on a technical standpoint only, JD.com should be trading sideways or red for the next few weeks.
The 2020 uptrend was broken in early 2021, price is now beneath ALL MAs, and RSI has been stuck in a downwards channel for a while.
The correction may be losing steam as we see from falling volume, but with China relations headwinds on the horizon for a couple months to come, I can see this trading lower over the short term.
I am long the name, so will happily add to my positions in the red zones marked in the chart.
Would love to hear your thoughts!
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
Note
I'm a buyer at 67$!Note
Wow, it traded down to 67$ faster than I could have imagined. This market is brutal.Will be adding 67$ today.
Could as well trade back down to 60$ but I think the Risk Reward is very favourable here.
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