NetEase Inc., NTES stock price has entered the distribution phase and may slip from the upper recovery level over the daily chart. NTES shares have been increasing inside a rising wedge pattern over the daily time frame chart. Moreover, NTES share price needs to attract buyers in order to sustain at the current level on Wednesday’s trading session. However, sellers tried to accumulate themselves yesterday to pull NTES shares from the distribution phase.
NTES stock price was at $103.25 and has dropped 2.80% of its market capitalization during Tuesday’s trading session. Trading volume was below average and needs to grow in favor of buyers. However, in the pre market session of Wednesday, NTES share price has gained around 2.87% and was at $106.21 indicating that buyers are trying to push NTES share price upwards.
NTES Stock Price May Slip From Here – Analysts!
NTES stock price has been increasing inside the rising wedge pattern and has entered the distribution phase over the daily time frame chart. Now, sellers may approach to short NTES shares and drag it below the $100 mark.
NTES stock price needs to attract buyers in order to sustain above the $100 mark. Meanwhile, NTES share price is trading above 20, 50, 100 and 200-days daily moving averages.
NTES share price has gained around 6.05% in a week and 5.21% in a month. Moreover, NTES shares have surged 14.61% in the last three months and 16.53% in the last six months.
Also NTES stock price has soared around 35.48% year to date confirming the facts regarding NTES Share’s maximum recovery in 2023. Investors in NetEase Inc. (NASDAQ: NTES) needs to wait until the NTES share price sustains at the current level to revert back.
Technical indicators suggest the downtrend momentum of NTES shares. Relative strength index showcases the downside trend of NTES stocks. RSI was at 62 and is heading towards neutrality.
MACD exhibits the downward momentum of NTES shares. The MACD line is moving towards the signal line for a negative crossover. Investors in NTES shares need to wait for any directional change over the daily time frame chart.
Summary
The price of NetEase Inc.’s stock price has entered the distribution phase and may decline from the upper level of recovery on the daily chart. Now, short sellers may approach to push NTES shares below the $100 level. The price of NTES stock is currently above the 20, 50, 100, and 200-day daily moving averages. NTES stock price increased by almost 6.05% in one week and 5.21% in one month. Technical indicators point to the strength of the downturn for NTES shares.
Technical Levels
Support Levels: $100.05 and $95.15
Resistance Levels: $108.10 and $115.00
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/19/netease-inc-ntes-will-ntes-stock-price-sustain-above-100/