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Fan Yang (JD) Continues to Develop a Price Bottom

Chinese E-commerce company $JD was bearish in 2018, but has been consolidating throughout 2019.

JD Daily Chart

(click to enlarge)

Price Bottom?
- So far in 2019, price action consisted of 2 patterns.
- First there was a rounded bottom that started at the end of 2018, with a neckline around $26.
- Price broke above this pattern in late February, and ended up developing a range between $26 and roundly $36.
- The 2 patterns put together reflects a market that is developing a price bottom. 
- A break above $32 would confirm the price bottom. 
- Recently, price was able to hold above $28.50 instead of falling back to the $26 range support.
- This is a subtle bullish signal.
- With this slight bullish signal, I think price will be able to break above $32 and end up challenging a previous support around $36 as a potential resistance.

JD Weekly Chart

(click to enlarge)

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