CFD Trading – Sell Pinduoduo Inc.(PDD.NAS) @ $157.00. Stop @ $174.00 and Target @ $128.00

Pinduoduo Inc.  Stock Code PDD.NAS

Price broke above the cloud on 27 October 2020 and to move to a high of $212.60 on 16 February 2021. Last Friday, price declined below the cloud and this could be the start of a price correction. Conversion and Base lines had already had a bearish crossover earlier, hinting of a bearish trend. Lagging Span is below price of 26 days ago but is above the cloud. MACD is bearish with both lines moving away from the zero line and lower. We think price is likely to move lower to the support at $128 in the next 2-3 weeks.

$157.00              Sell
$128.00              Price Target
$174.00              Risk Management Stop
3 weeks              Trade Duration

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