In todays edition of the Daily Stock Report, we are going to take a look at JD Com ADS (JD). This stock is part of the specialty retailer sector which has been strong over the summer months.
JD Com, through its subsidiaries, operates as an e-commerce company and retail infrastructure service provider in the People's Republic of China.
In looking at the Candlestick Chart, even throughout the volatile late February and early March broader market selloff, you can see the shares had performed quite well relative the broader markets and one of the earlier stocks to recover shortly thereafter. Most recently, price gapped and closed above its prior high of $69.17 when the company beat the earnings estimate by $1.09 which was reported on August 17th. Price has yet to come back down and test this newly formed support level.
JD Com ADS (JD) currently sits in the 5th spot in the SIA Nasdaq 100 Index Report. It first entered the favored zone on Jan 13th at $40.31. After yesterday’s close the shares are at $78.97 representing a 95.7% increase since entering the favored zone.
In looking at the Point and Figure Chart, based on a measured move, we are quickly approaching near term resistance at $83.59. If it does manage to break above this level, potential next resistance can be found at $96.02. On the downside, we can see minor support at $72.77 and below that $67.23 and $59.70.
With an SMAX of 10 out of 10, JD is exhibiting near term strength against all the asset classes.
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