Quarterly Outlook
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Technical Update - JD.com in USD & HKD
Equities 2 minutes to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
JD.com USD
In US trading JD.com has opened at support at around USD 40.50 a close below paves the way to October trough around 35-33.
The sell-off in JD.com was initiated after the stock was rejected at key strong resistance at around 67.87 in January. Weekly RSI is negative with no divergence indicating lower levels below October trough around 33.00 is not unlikely. A weekly close below 32.70 could see JD.com dumping to 2019 level around 25.50.
To neutralise this down trend a close of the gap i.e., a close above 53 is needed.
JD.com HKD
JD.com gapped lower in Hong Kong Friday morning after heavy selling pressure Thursday in US reaching Shoulder-Head-Shoulder like pattern potential target around HKD160. However, further downside seems likely. Downtrend is confirmed by a lower low and lower RSI values below 40. No strong support until around 140.
To reverse down trend a close above 192.20 is needed.
RSI divergence explained: When instrument price is making a new high/low but RSI values are not making new high/low at the same time. That is a sign of imbalance in the market and an weakening of the uptrend/downtrend. Divergence or imbalance in the market can go on for quite some time but not forever. It is an indication of an exhaustion of the trend
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