JD/N trade ideas
Bet on the support reboundThis trade aims at the short-term rebound from the historical low. Since June 07, short-sellers initiated a selling force to test JD's the 52-week low. The price was driven down,but no volume followed. However, when the price was reaching the 52-week low, there are people collecting the dimes, on June 16. Maybe the short-sellers were covering here. I think it is a good bet on a short-term rebound.
Here is my plan:
1. Stop Loss at 19.
2. Profit taking at 23 or Time Exit in 5 days.
JD, handle coming right?JD.com or Jingdong Mall, formerly 360Buy, is a Chinese electronic commerce company headquartered in Beijing. It is one of the largest B2C online retailers in China by transaction volume.
Since the IPO, price has put in a large basing process 10 months ago.
Base on round bottom measure rule, price could get to 50 in 6 months time
which will be the handle i suppose