Pinduoduo Stock Forecast
Pinduoduo stock price up 1.96% on Friday
(Updated on May 17, 2024)
The Pinduoduo stock price gained 1.96% on the last trading day (Friday, 17th May 2024), rising from $143.38 to $146.19. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.34% from a day low at $143.20 to a day high of $149.42. The price has been going up and down for this period, and there has been a 4.29% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 million more shares were traded than the day before. In total, 16 million shares were bought and sold for approximately $2.32 billion.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $141.09, a level that may pose a second chance to hit a runner. According to fan-theory $163.97 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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PDD Signals & Forecast
Mostly positive signals in the chart today. The Pinduoduo stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $140.39 and $126.94. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 28.88%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Pinduoduo stock
On the downside, the stock finds support just below today's level from accumulated volume at $137.54 and $132.17. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Pinduoduo finds support just below today's level at $137.54. If this is broken, then the next support from accumulated volume will be at $132.17 and $122.30.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $6.22 between high and low, or 4.34%. For the last week, the stock has had daily average volatility of 2.96%.
Our recommended stop-loss: $139.84 (-4.34%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (PDD) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Pinduoduo Inc. to open at $146.27, and during the day (based on 14 day Average True Range), to move between $141.28 and $151.10, which gives a possible trading interval of +/-$4.91 (+/-3.36%) up or down from last closing price. If Pinduoduo Inc. takes out the full calculated possible swing range there will be an estimated 6.72% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $137.54, some $8.65 (5.92%) from the current price of $146.19, our system finds the risk reward attractive.
Earnings coming up
Pinduoduo will release earnings BMO on Wednesday, May 22, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.60. We will update the financials statements for Pinduoduo, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 10.67% in the first trading day after earnings release.
Is Pinduoduo Inc. stock A Buy?
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Pinduoduo stock to perform well in the short-term period.
Current score: 6.410 Strong Buy Candidate Unchanged
Predicted Opening Price for Pinduoduo Inc. of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $146.27 ( 0.0547%) | $146.19 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PDD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 152.49 | 4.31 % | |
| R2 | 150.11 | 2.68 % | ||
| R1 | 148.65 | 1.68 % | ||
| Current price: | 146.19 | |||
| Support | S1 | 143.89 | -1.57 % | |
| S2 | 142.43 | -2.57 % | ||
| S3 | 140.05 | -4.20 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 146.19 | |||
| Support | S1 | 137.54 | -5.92% | |
| S2 | 132.17 | -9.59% | ||
| S3 | 122.30 | -16.34% |
FAQ
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