Shares of Pinduoduo Inc (PDD) continues to inch lower, trading near the $120/share price. As one of the fast growing Chinese companies, Pinduoduo is a great buy long-term but needs to be at the right price. Based on the stock chart technical analysis on Pinduoduo, major support will be at the $99.50 level. This is where accumulation can begin for what I expect to be the next phase of epic China investing growth. The Shanghai Comp will likely breakout in the next 6 months as investing in the United States becomes less attractive due to the Federal Reserve tightening. Money will flow out of the US into China which will see continued strong growth. Stocks like Pinduoduo will do very well. The $99.50 level gives investors a great basis to start a strong, long position.
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