JD.Com Inc (JD) is a leading Chinese online retailer. The stock topped out on February 17th, 2021 at $108.29 a share. Since that pivot top, the shares have declined sharply and the stock is currently trading at $76.50 a share. The shares are now trading below the important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and often signals further downside in the near term.
Traders should now watch the $68.00 level for solid chart support. This level is where JD.Com stock broke out in August 2020. Often, prior breakout levels will serve as excellent support when the stock retests the prior breakout point. This support area is also a key retrace level which should just add to the strength of the support level.
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