Nice bounce off the 50ma for this Chinese company that is up 100% in four months.
PDD closed at upside target for a profit of +35.05%; un-marginalized China Youzan closed at upside target for a profit of +70.48%; un-marginalized Tencent long position, floating +22.58% with stoploss covered and 1/4th profit taken (closed).
Pinduduo (PDD - NASDAQ) is in impulse cycle upward. It is in 4th wave correction, which might be zigzag or complex correction. So wait for 4th to complete then enter in buy trade for 5th wave up. It is very strong in daily time frame.
If in fact Wave is as marked, I have 161.8% and 261.8% Extension measured, Wave 4's 50% Retracement, and Wave 5's Extension of Wave 3. Wave 3 has already violated the 161.8% Extension. Disclaimer: I have been trading in the markets for about a year. After several months of charting various instruments, my eyes have gotten trained to recognize different candle...
PDD Target Hit; Youzan: +51.55%, Tencent: +17.12%
This stock appears to have gone Parabolic but who knows. I was in it for a while but sold it this week. Who knows, PDD may reach the sky! I was worried about the fall back to earth. She may keep flying until after Corona Balona is over which will maybe be at election time at the rate we are going/Dunno. PDD joins SHOP, DKNG (who fell) Spot, and ZM with this...
Good time holding PDD. However, I have decided to close the majority and opened some puts. It’s way too overvalued and I don’t think $100 is possible(in the short term.) I think it’s about to dive back to 65$ and rise once again from that level.
Pinduoduo Long Entry: 13:29:43 (UTC) Wed Jun 10, 2020
Sounds crazy, isn't it? But everything is possible in this crazy market. My bet is PDD could reach $100 in a super short term. From 2 weeks to a month, we should see it hit there. Not a good company, but a good stock to buy.
Analysis done on 25/05/2020 Fundamental → 20 & 40 SMA sloping up → 20MA > 40MA Awaiting buy trigger → CCI <-100 → Low of daily bar touches 20MA or goes below 20MA → Close above 40MA Pull trigger → Buy 1 bid above previous day high → Sell 5 bars later exclusive of initial bar Stop Loss → 50% below price bought