CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

JD Expects to Challenge the High of August

Article By: ,  Financial Analyst

JD.com (9618.HK): Expecting to Challenge the High of August After the Consolidation

JD.com (9618), the second largest e-commerce company in China, rose from the IPO price at HK$226 to HK$322.8 as of October 21.

Recently, Credit Suisse raised the target price of JD.com to HK$380 from HK$311 and kept the rating at Outperform. The bank said that the company's 3Q 2020 revenue is expected to be solid (+25.8% on year), underpinned by healthy online consumption demand.

The company will release its 3Q result on November 11 with the expectation of EPS at HK$1.53.

From a technical point of view, the stock rebounded from HK$280 and returned the level above both 20-day and 50-day moving averages. Currently, the stock remains consolidating and standing above the 61.8% Fibonacci retracement level, which suggests that the stock has a chance to challenge the August's high.

The bullish readers could set the nearest support level at HK$300, while the resistance levels would be located at HK$337 and HK$353.


Source: GAIN Capital, TradingView

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