Leading Chinese online discount retailer, Vipshop holdings Ltd Ads (VIPS), continues to remain under pressure today. The stock is trading lower by 6.10% to $26.73 a share. Vipshop Holdings Ltd (VIPS) topped out on March 23, 2021 at $46.00 a share. Since that pivot top, the shares have plunged. Traders and investors should note that Vipshop Holdings Ltd (VIPS) is trading below it’s important 50-day moving average. This puts the stock in a weak technical position on the charts.
The next major chart support level for Vipshop Holdings Ltd (VIPS) will be around the $21.00 level. This is where the stock has a major retrace level on the large timeframe. Often, major retrace levels will serve as excellent chart support when they are backtested. This should be a solid level for a long side trade in Vipshop Holdings Ltd (VIPS) and I level where I would be a buyer.
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