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
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
