JD.com (JD) Approaches Our Expected Support Around $30
JD.com $JD has been bearish along with many of the big China names like Alibaba $BABA, Baidu $BIDU, and Tencent $TCEHY. But I think JD is going to see at least some technical buying as it dips to around $30 a share.
JD Daily Chart
(click to enlarge)
ABC Correction:
- We have an ABC correction projection for JD, and price is following that track so far.
- We projected the projection to the $29-$30 area, where we can see a support/resistance pivot as well.
- Meanwhile, the RSI is going to be in the oversold area.
- I think if price starts to stall here and trade sideways for a couple of weeks, we can add confidence for a bull run to at least test the $35-$36 area, which is a previous support that might act as resistance.