JD Bullish Triangle

Sep 6, 2018

JD gapped down on bad CEO news and recovered a little bit today. Its been beat down pretty bad over the past couple months from 45 in mid June. We were approaching another big Daily support at ~25.30 but failed to reach it. Today we ended up making a decent triangle here with a significant price level 27.60 coming into play frequently the past couple days. What I would like to see, along with some market strength, is a move that can hold above this level and look to enter on a successful retest of the TL or 27.60. We did see some heavy selling into the close and another afterhours retest of the bottom trendline. Will have to see how the open plays out tomorrow.