Could Pinduoduo (PDD Stock) move to the $44 level?
|Today’s instrument is Pinduoduo Inc.‘s stock traded on the Nasdaq exchange under the ticker PDD.
When we look at the PDD‘s chart, we can see its run-up from the $39 level to the high of $44 and also its inability to consolidate and hold onto its gains, leading to the fall into the $41 range initially and further below to the $36 range where it formed to support. It was also last found trading at the $38.30 level having the closest temporary overhead resistance at the $39 level.
Pinduoduo Inc. has scheduled a quarterly earnings announcement tomorrow 27/05/2022. If both EPS and Revenue results beat expectations, then we can expect a move close to the $44 level.
Today we can expect a move towards the $36 range, possibly falling lower.
If, however, it manages to hold on to the current level, then a move towards the $41 level can be expected.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.