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PDD stock price may rebound to revert the current trend on Monday, says analysts. - 2
PDD shares need to sustain above the $75 support zone also 20-EMA may provide support. - 3
Pinduoduo Inc. (NASDAQ: PDD) is a Chinese online retailer with a focus on the traditional agriculture industry.
PDD stock price has been declining from the $81 resistance level but analysts suggest that PDD may rebound from the current level. PDD share price needs to attract buyers in order to surge towards the upper recovery level of $83.28. However, PDD shares have been trying to sustain at the primary resistance level but failed many times. Investors in PDD Holdings Inc. – ADR need to wait for any directional change over the daily time frame chart.
PDD stock price was at $75.97 and has gained 1.46% of its market capitalization during Friday’s trading session. Trading volume was above average suggesting the accumulation rate of sellers. However, PDD shares need to attract buyers in order to sustain and surge on Monday’s trading session.
Will PDD Stock Price Initiate Strong Uptrend?
PDD stock price has been trying to break out from the resistance level of $83.28 but failed and PDD shares may finally break out according to the analysts. However, trading volume needs to increase in favor of buyers by the opening of Monday’s trading session. Meanwhile, PDD shares need to sustain above the $75 support zone, also the 20-EMA may provide support.
PDD stock price is trading above 20, 50, 100 and 200-days daily moving averages. Moreover, PDD share price has soared around 10.58% in the last three months and 42.43% in a year. This confirms that PDD share price may initaite its recovery phase as soon as it gathers support from the $75 support zone over the daily time frame chart.
Technical indicators suggest there is uptrend momentum in PDD stock price. Relative strength index showcases the upside trend of PDD shares. RSI was at 55 and is heading towards the overbought zone.
MACD exhibits the sustainability issues of PDD share price. The MACD line is trying to sustain above the signal line to revert the trend of PDD share price. Investors in PDD Holdings Inc. – ADR (NASDAQ: PDD) need to wait for any directional change over the daily time frame chart.
Summary
The price of PDD stock has been falling since it hit the $81 barrier level, but analysts believe it might rise again from this point. However, PDD shares have repeatedly failed in their attempts to hold at the main resistance level. However, at the start of Monday’s trading session, trade volume must shift further in favor of purchasers. Technical indicators point to the stock price of PDD being in an uptrend. Investors in PDD Holdings Inc. – ADR (NASDAQ: PDD) should watch the daily time frame chart for any directional changes.
Technical Levels
Support Levels: $75.00 and $72.90
Resistance Levels: $80.00 and $83.28
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/07/22/pdd-holdings-inc-adr-will-pdd-stock-price-rebound-on-monday/