PDD Noteworthy Swing Support Levels, and a word of caution
Looking at 
PDD after its earnings fallout, here are some interesting support levels to watch.
The 0.618 Fibonacci retrace from the March 2022 pivot low to the May pivot high is at $77.25.
Additionally, while Head and Shoulder patterns are not the most reliable, there is a level around $75 obtained from the decently shaped H&S price measurement dropped down from the neckline (white dotted line). Once more, there is a major Gann support level (720 degrees down from the May high pivot) at $78.02, adding another strong factor to this probability window.
Another point of interest; dropping the H&S price measurement from the pre-earnings close is almost exactly at today's close (see yellow dotted line). Also piercing the $90.28 gap window, with the gap fill at $80.76 (August 2023).
Now, depending on the desired length of a swing trade, it is worth noting comparable earnings drawdowns that did not rebound the same or following day:
ROKU (February 2024)
ROKU
Just now retracing six months later.
PTON (November 2021)
PTON
Not yet recovered, if ever.
NFLX
NFLX
The positive: January 2022 fall on earnings saw a four day down period before a quick partial recovery.
The long wait: April 2022 fall on earnings took about six months before retracing to similar levels.
Not financial advice.
PDD after its earnings fallout, here are some interesting support levels to watch.The 0.618 Fibonacci retrace from the March 2022 pivot low to the May pivot high is at $77.25.
Additionally, while Head and Shoulder patterns are not the most reliable, there is a level around $75 obtained from the decently shaped H&S price measurement dropped down from the neckline (white dotted line). Once more, there is a major Gann support level (720 degrees down from the May high pivot) at $78.02, adding another strong factor to this probability window.
Another point of interest; dropping the H&S price measurement from the pre-earnings close is almost exactly at today's close (see yellow dotted line). Also piercing the $90.28 gap window, with the gap fill at $80.76 (August 2023).
Now, depending on the desired length of a swing trade, it is worth noting comparable earnings drawdowns that did not rebound the same or following day:
ROKU (February 2024)
ROKU Just now retracing six months later.
PTON (November 2021)
PTON Not yet recovered, if ever.
NFLX
NFLXThe positive: January 2022 fall on earnings saw a four day down period before a quick partial recovery.
The long wait: April 2022 fall on earnings took about six months before retracing to similar levels.
Not financial advice.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.