JD Strong Upward Momentum After Posting Upbeat 2Q Result

JD.com (JD): Strong Upward Momentum After Posting Upbeat 2Q Result

JD.com (JD) keeps to refresh the record high level after the announcement of its strong 2Q result

Recently, JD.com, a Chinese e-commerce giant, reported that 2Q adjusted net income increased 66.1% on year to 5.9 billion yuan and adjusted operating income rose 75.0% to 5.6 billion yuan on net revenue of 201.1 billion yuan, up 33.8%.

Goldman Sachs raised the target prices of the company to $85 from $73 and reiterates a "Conviction Buy" rating. The bank said the stock prices has more than tripled in the last 18 month and the company's strong 2Q result should help sustain this uptrend,

On a daily chart, the stock prices kept to make a new record high level within these several days, suggesting a strong upward momentum.

Source: GAIN Capital, TradingView

Currently, the prices are trading above both rising 20-day and 50-day moving averages.

The relative strength index is above its overbought level at 70, but has not displayed any reversal signal.

Bullish readers could place the support level at $65.80 (below the 20-day moving average), while the resistance levels would be located at $86.75 (161.8% expansion level) and $97.60 (200% expansion level).

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