Long Pullback in Chinese Momentum Stock

This one is short and simple: JD .com just had its first decent pullback since it started running in May.

JD has a few things going for it. First, the Beijing-based e-commerce stock spent almost all of June consolidating on either side of $60. It ripped over that level after the Independence Day weekend and has now retraced that surge. Will the old resistance zone around $60 become support?

Second, JD has tested and held its 21-day exponential moving average ( EMA ). The last time it did that was way back on May 6.

Third is the relative strength. Money has streamed into Chinese technology stocks because of changes in global indexes and a quicker recovery from coronavirus.


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