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Fan Yang

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. 

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