Pinduoduo Stock Could Move Lower
| May 26, 2022 05:36AM ET
When we look at the Pinduoduo (NASDAQ:PDD) 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. At writing, It was trading at the $38.30 level having the closest temporary overhead resistance at the $39 level.
Pinduoduo (NASDAQ:PDD) has scheduled a quarterly earnings announcement tomorrow. 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.
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