With Chinese internet stocks attracting renewed interest, JD.com has soared back up toward the top of the Green Favored Zone of the SIA NASDAQ 100 Index Report for the first time since March of 2021. Yesterday it finished in 3rd position up 22 spots on the day and up 38 places in the last month.
A major breakout is underway in JD.com (JD) shares. Last month, a downtrend bottomed out with a successful test of support near the $40.00 level, after which, JD stabilized in the $50.00-$60.00 range. Yesterday, a breakaway gap blasted through $60.00 and snapped a six-month downtrend line, combining to signal renewed accumulation and the start of a new upswing.
Support moves up to the $60.00 breakout point, with next potential resistance in the $78.00 to $80.00 area where a longer-term downtrend line and previous resistance converge, and then $90.00 on trend.
JD.com (JD) has turned around in a big way lately. Over the course of May, two corrections bottomed out at higher lows, helping to establish a new uptrend. So far in June, JD has completed a series of bullish pattern completions including a Double Top, and two larger Spread Double Tops. Yesterday, JD snapped a six-month downtrend line, confirming the start of a new uptrend.
Based on vertical and horizontal counts, upside resistance may appear on trend near $71.00, $78.35, or $81.50. Initial support appears near $60.60 based on a 3-box reversal.
With a bullish SMAX score of 6, JD is exhibiting strength against the asset classes.
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