QD holds uptrend with weekly trendline. Qudian has been doing great this year we have gained nearly 100% so far. Congrats to all longs out there. I hope we keep this beautiful upward trend. Thumbs up if you agree. Here is what i'm also watching
China stocks are getting destroyed by currency devaluation and (what I think is) the popping of this global bubble. Unlike charts of BABA and BIDU which already look very oversold (I think they go lower but it's a more difficult risk/reward setup for medium term).
Here's QD with a big wedge that's ready to break down.
Double top 9.20 is a good, wide stop level.
Back on June 18th, we Profiled QUDIAN INC - NYSE:QD with the stock trading at the $7.50 level at that time and noted that it appeared that Buyers were perhaps becoming more aggressive with their purchases as the stock was grinding higher and registering higher lows and higher highs, which remains the case today as evidenced in the Daily chart above.
After recapturing its 200 DMA back in April, QUDIAN INC - NYSE:QD continues to grind its way into higher ground in a slow methodical manner as we can observe from the Daily chart above. While further work is required, we're taking note that Buyers may becoming more aggressive as the stock continues to make higher lows and mild higher highs.
Heard from a reputable source that this company has improving fundamentals and a smart business model. Fact that its PE is on the low side tells me that there's room to go. Downside is the ongoing trade war which might accelerate the selloff in Chinese equities despite strong fundamentals.
Will be watching this for a morning panic lately those stocks gapping on a red candle have been bouncing really well like FTFT, PHAS, AVGR
Will only be playing if this has a morning panic will be watching the bounce of previous support like 5.64, 5.48, this stock has a history of not holding its gaps so will also be mindful that in the past this has not bounced...