I am really bullish on this stock long term, good management team, good business model and a very strong development in the AI sector.
But, given the pandemic we are still assisting all over the world right now, the stock has just been riding the wave - similarly to amazon, shopify, ebay and all other ecommerce platforms. But I think it's now time for a little pullback before it keeps its bull trend.
We can see the same very strong resistance line dated from 2016 that has rejected the price for 4 times already since JD's IPO . If you zoom in and have a look at the 1hr or 30min chart, you'll see that the price has struggled to stay above that line the past week.
I got in this trend when the price was still at 35 but, while I am 65% up since a couple of months ago, I am still not closing the trade because I am also a long term investor and know the potential of this business. But, considering this recent surge in price movement, I am going short on my trading account, wait for that pull back and then, go long again.
But, given the pandemic we are still assisting all over the world right now, the stock has just been riding the wave - similarly to amazon, shopify, ebay and all other ecommerce platforms. But I think it's now time for a little pullback before it keeps its bull trend.
We can see the same very strong resistance line dated from 2016 that has rejected the price for 4 times already since JD's IPO . If you zoom in and have a look at the 1hr or 30min chart, you'll see that the price has struggled to stay above that line the past week.
I got in this trend when the price was still at 35 but, while I am 65% up since a couple of months ago, I am still not closing the trade because I am also a long term investor and know the potential of this business. But, considering this recent surge in price movement, I am going short on my trading account, wait for that pull back and then, go long again.