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JD Bouncing Off Key Critical Support at $26; Price Bottom Still in Play

Chinese online retailer JD.com $JD completed a rounded bottom in March when price pushed above $26. However, price became "sticky" around $30 and fell back to $26 twice - once in early May, and again in late May/early June. 

JD Daily Chart

(click to enlarge)

Market the Respecting Bottom:
- During the recent challenge of $26, the market cracked this support during the trading session, but never closed below it.
- Price also respected the 200-day simple moving average (SMA). 
- Furthermore, there was a bullish divergence between price and the RSI.
- So far, the price chart suggests JD is still coming out of its price bottom and could be entering a bullish trend.
Resistance:
- At the moment, the 2019 high so far is the first key resistance - around $31.60. This is also where the 200-week simple moving average (SMA) currently resides.
- Above that, the $35-$36 area is key. This was a previous support area, and will be tested as resistance.
- A hold below this area keeps JD in a bearish-neutral mode. 
- A break above $36 on the other hand opens up a bullish outlook.

JD Weekly Chart

(click to enlarge)

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