Today’s instrument is the Pinduoduo Inc. stock traded in the Nasdaq exchange under the ticker PDD.
If we look at the PDD Weekly chart, we can see is a downward trend for the past week falling from $90 to $86 and then to $82, forming support at $78 and holding in for the past few days. It also managed to move closer to its overhead resistance of $82 during yesterday’s session. Its last traded price was $81.42, below the resistance level.
Pinduoduo Inc. had scheduled a third-quarter earnings announcement tomorrow 26/11/2021. If earning expectations are surpassed, we could expect the price to move upwards, towards the $88 price range.
Today we could expect a move upwards near the resistance of $82 possibly further towards $84.
If however, it doesn’t manage to hold above the current price range then a case can be made for moving towards $78.
(Click on image to enlarge)
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