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Interesting Technical Analysis finding for PDD HOLDINGS INC (NASDAQ:PDD)

By Mill Chart

Last update: May 16, 2024

We've identified PDD HOLDINGS INC (NASDAQ:PDD) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NASDAQ:PDD for further developments.

PDD Daily chart on 2024-05-16

What is the technical picture of NASDAQ:PDD telling us.

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Taking everything into account, PDD scores 10 out of 10 in our technical rating. PDD has been one of the better performers in the overall market. Some doubts were observed in the medium time frame, but recent action was again very positive.

  • The long and short term trends are both positive. This is looking good!
  • Looking at the yearly performance, PDD did better than 96% of all other stocks. We also observe that the gains produced by PDD over the past year are nicely spread over this period.
  • PDD is one of the better performing stocks in the Broadline Retail industry, it outperforms 93% of 33 stocks in the same industry.
  • PDD is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so PDD is lagging the market slightly.
  • In the last month PDD has a been trading in the 110.65 - 143.00 range, which is quite wide. It is currently trading near the high of this range.

For an up to date full technical analysis you can check the technical report of PDD

How do we evaluate the setup for NASDAQ:PDD?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NASDAQ:PDD exhibits a 8 setup rating, indicating its consolidation status in recent days and weeks.

PDD has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 136.26, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NASDAQ:PDD

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

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.



NASDAQ:PDD (5/29/2024, 7:23:02 PM)

Premarket: 152.24 +0.97 (+0.64%)


+1.55 (+1.04%)

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