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Fan Yang (JD) Testing Price Bottom After Pulling Back $JD has flattened in April and is now retreating in May. This price action will be challenging a price action that had completed a rounded bottom as we can see on the daily chart.

JD Daily Chart

(click to enlarge)

Rounded Bottom:
- As we can see on the daily chart, there was a rounded bottom at the turn of the year.
- Price broke the neckline of this price bottom by the end of February and continued to rally through March.
- More recent price action is now pulling back and approaching the previous neckline.
- If the market has completed a price bottom, it will likely support JD around $26, but I think we can give it some elbow space to $24 in the scenario where the overall market is contracting too. 
- A break below $23.50 however would put pressure back towards the $19.50-$20 area, which is just above the records lows, and represent a key support area. 
- Otherwise, if JD respects the price bottom after the current pullback, the next bullish wave could bring price towards the $35 area, which represents a previous critical support area. 
- Or, we can at least anticipate a return back to the 2019-high so far, just under $32. By this time, price will likely also be testing the 200-week SMA again as well as a falling trendline resistance.

JD Weekly Chart

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