Meituan Dianping Jumped on Better Than Expected 1Q Result
Meituan Dianping (3690), a group buying website for food delivery services and retail services, announced that 1Q net loss widened to 1.58 billion yuan, beating the expectation of the net loss of 1.66 billion yuan......
Share this:
Meituan Dianping (3690), a group buying website for food delivery services and retail services, announced that 1Q net loss widened to 1.58 billion yuan, beating the expectation of the net loss of 1.66 billion yuan, from 1.43 billion yuan in the prior-year period and operating loss increased to 1.72 billion yuan from 1.30 billion yuan on revenue of 16.75 billion yuan, down 12.6% on year.
From a technical point of view, the stock reached a new record high on the daily chart, suggesting a strong uptrend for the prices. The prices stand above the previous high at HK$116.00 and also are supported by a rising 20-day moving average.However, the RSI is above its overbought level at 70. Bullish readers should wait for a consolidation first.
The key support level would be located at HK$116 (the high of January and the previous low on May 25), while the resistance levels would be located at HK$144 (around 161.8% retracement level of previous correction) and HK$162 (around 200% retracement level).
Sources: GAIN Capital, TradingView
From a technical point of view, the stock reached a new record high on the daily chart, suggesting a strong uptrend for the prices. The prices stand above the previous high at HK$116.00 and also are supported by a rising 20-day moving average.However, the RSI is above its overbought level at 70. Bullish readers should wait for a consolidation first.
The key support level would be located at HK$116 (the high of January and the previous low on May 25), while the resistance levels would be located at HK$144 (around 161.8% retracement level of previous correction) and HK$162 (around 200% retracement level).
Sources: GAIN Capital, TradingView
Meituan Dianping (3690), a group buying website for food delivery services and retail services, announced that 1Q net loss widened to 1.58 billion yuan, beating the expectation of the net loss of 1.66 billion yuan, from 1.43 billion yuan in the prior-year period and operating loss increased to 1.72 billion yuan from 1.30 billion yuan on revenue of 16.75 billion yuan, down 12.6% on year.
From a technical point of view, the stock reached a new record high on the daily chart, suggesting a strong uptrend for the prices. The prices stand above the previous high at HK$116.00 and also are supported by a rising 20-day moving average.However, the RSI is above its overbought level at 70. Bullish readers should wait for a consolidation first.
The key support level would be located at HK$116 (the high of January and the previous low on May 25), while the resistance levels would be located at HK$144 (around 161.8% retracement level of previous correction) and HK$162 (around 200% retracement level).
Sources: GAIN Capital, TradingView
From a technical point of view, the stock reached a new record high on the daily chart, suggesting a strong uptrend for the prices. The prices stand above the previous high at HK$116.00 and also are supported by a rising 20-day moving average.However, the RSI is above its overbought level at 70. Bullish readers should wait for a consolidation first.
The key support level would be located at HK$116 (the high of January and the previous low on May 25), while the resistance levels would be located at HK$144 (around 161.8% retracement level of previous correction) and HK$162 (around 200% retracement level).
Sources: GAIN Capital, TradingView
Related tags:
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Nikkei threatens breakout as tech rebound broadens
Breakouts across the SOX and Nasdaq are being matched by rebounds across Asia, with the Nikkei now threatening to join the move.
S&P 500, Nasdaq 100 Forecast for the Week Ahead
A hawkish Fed and 10-Year Notes on the verge of a push above 5%, yet stocks have so far shrugged off that fear. But can it continue?
Hang Seng Tech rout nears make-or-break zone
The technical damage is clear, but with Hang Seng Tech now deeply stretched and approaching major support, the risk-reward is becoming more two-sided.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.