The fisherman takes it all

Meituan has fallen almost 20% from its peak at 279 and is now being supported at 227.60.

I am adding more at this level and believe it would continue to trend higher.

Comment:

support is a guide to the price action NOT a definitive that it must falls back to. As you can see, the price comes down to 230.80 as a support before rebounding off on 25 Sept 20. Had you waited for the mere 3 dollar difference and refused to budge, then you had missed a great buying opportunity.

The next buying opportunity was at 255.20 level as you can see on 20 Oct 20 the price action rebounded strongly. Again on 27 Oct 20, you see the price does not come to 255.20 support level but slightly higher at 258. If you are overly calculative, then you missed the potential profits once more.

Now at 280, we see a 3 peak situation and that signals a correction is forthcoming and I hope the price falls to 269 level so I can add more long positions.

Comment:

Praise the Lord, Congrats to those who followed.