JD.com jumped recently, and some traders may see potential for further upside.

The first pattern on today’s chart is the dramatic rally between September 20 and October 7. The Chinese e-commerce company has shown signs of stabilizing above a 50 percent retracement of the surge, which may confirm its direction is now pointing higher.

Second, the pair of weekly lows around $38.75 on October 17 and October 24 may indicate that new support has been established at higher levels. They’re also near the 21-day exponential moving average.

Third, stochastics are turning up from an oversold condition.

Fourth, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA last month. That may suggest a longer-term uptrend has begun.

Next, yesterday’s close was the highest since the first half of October. Are buyers coming back after a brief pause?

Finally, Chinese stocks have advanced recently on hopes of fiscal stimulus. Traders may anticipate further details with lawmakers holding important meetings next week.

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FibonacciTechnical IndicatorsSupport and Resistance

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