By Mill Chart
Last update: Nov 13, 2023
Our stock screener has flagged PDD HOLDINGS INC (NASDAQ:PDD) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NASDAQ:PDD for potential movement.
ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.
Overall PDD gets a technical rating of 9 out of 10. Both in the recent history as in the last year, PDD has proven to be a steady performer, scoring decent points in every aspect analyzed.
Our latest full technical report of PDD contains the most current technical analsysis.
Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NASDAQ:PDD is 8:
Besides having an excellent technical rating, PDD also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 109.05. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 104.06, a Stop Loss order could be placed below this zone.
To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.
Every day, new breakout setups can be found on ChartMill in our Breakout screener.
This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.
PDD HOLDINGS INC
NASDAQ:PDD (4/26/2024, 7:09:16 PM)
After market: 129 -0.31 (-0.24%)129.31
+3.52 (+2.8%)
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