JD closes above its opening price after recovering from early selling pressure


JD.com Inc. (JD) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team

Highlights

JD pushes through key technical resistance level
JD closes above its opening price after recovering from early selling pressure
JD closes higher for the 2nd day in a row
JD pushes through Friday's high

Overview

Moving higher for the 2nd day in a row, JD finished Monday at 54.73 gaining $0.40 (0.74%), slightly outperforming the Nasdaq 100 (0.45%). Trading up to $0.82 lower after the open, JD. com managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on May 15th, JD gained 9.20% on the following trading day. Closing above Friday's high at 54.33, the market confirmed its breakout through the previous session high after trading up to $0.55 above it intraday.

Daily Candlestick Chart (JD as at Jun 01, 2020):

Daily technical analysis candlestick chart for JD.com Inc. (JD) as at Jun 01, 2020

Monday's trading range has been $1.50 (2.77%), that's below the last trading month's daily average range of $2.18. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for JD.

Buyers managed to take out the key technical resistance level at 54.46 (now S1), which is likely to act as support going forward.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

With prices trading close to this year's high at 56.50, upside momentum could speed up should the share be able to break out to new highs for the year.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for JD. com. Out of 141 times, JD closed higher 58.16% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after eight trading days, showing a win rate of 50.35% with an average market move of -0.25%.


Market Conditions for JD as at Jun 01, 2020

Loading Market Conditions for JD (JD.com Inc.)...
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