Meituan shares fall - investigation ongoing......
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In China, it is not the company that rakes in the top revenue that call the shots! It is the CPC or Chinese government , haha!
We have seen the fate of Alibaba with its shares still heading south and a few other companies will follow suit as well.
So while the shares have fallen from a peak of 60 to current price (50% discount), I would like to let the dust settled (investigation) before deciding to accumulate.
I hope it does not slide further after 29.57 as the next support level and rebound from there. Then again, nobody knows the market so we just have to wait patiently for the outcome of the investigation.
In China, it is not the company that rakes in the top revenue that call the shots! It is the CPC or Chinese government , haha!
We have seen the fate of Alibaba with its shares still heading south and a few other companies will follow suit as well.
So while the shares have fallen from a peak of 60 to current price (50% discount), I would like to let the dust settled (investigation) before deciding to accumulate.
I hope it does not slide further after 29.57 as the next support level and rebound from there. Then again, nobody knows the market so we just have to wait patiently for the outcome of the investigation.
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40.78 proves to be a strong resistance
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