The China trade remains a controversial one, with bulls looking to nail an epic bottom and bears looking for the collapse of the country’s stock market (and economy). However, despite all the crazy headlines about economic data, regulators banning short selling, and a whole lot more, some stocks are trying to stabilize. đ°
Today’s example is eCommerce giant JD.com, which reported an earnings and revenue beat after a long string of disappointments. While growth remains well off its pandemic-era highs, investors are happy to see that the business is at least stabilizing and being forecasted properly by management.
$JD shares jumped 17% on the day, with sentiment hitting “extremely bullish” territory on the news. đ
Notably, technical analysts showed that the stock is finding support at a similar level and pattern as the broader China ETFs. Whether or not they’re long-term bottoms remain to be seen, but the consensus view is that they’ve found some sort of short-term trough. đ