Pinduoduo Stock May Move Higher On Results Announcement
Looking at the Pinduoduo (NASDAQ:) weekly chart, we can see a downtrend for the past week falling from $90 to $86 and then to $82, forming support at $78 and holding in for the past few days.
It managed to move closer to its overhead resistance of $82 during yesterday’s session. Its last traded price was $81.42, below the resistance level.
Pinduoduo is due to report a tomorrow. If earning expectations are surpassed, we could expect the price to move upwards, towards the $88 price range.
Today we could expect a move upwards near the resistance of $82 possibly further towards $84. If it doesn’t manage to hold above the current price range then we could see it moving towards $78.
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