Morning Trend | JD.com Continues to Decline on Reduced Volume, Is the Support Critical Point About to Change?

JD Group -SW (9618.HK) has recently shown a weak oscillating pattern in its stock price, with the daily K-line indicating three consecutive bearish candles. During the trading session, there has been a continuous decrease in volume, gradually approaching the previous important support zone. From the moving average structure, the 5-day and 10-day moving averages have crossed below the 20-day moving average, forming a clear death cross, while the MACD green bars continue, indicating a sustained bearish dominance. The trading volume is sluggish, reflecting a clear market wait-and-see attitude and divergent sentiment among investors. Due to industry profit pressures and a slower-than-expected consumer recovery, JD's short-term fundamentals are unlikely to see significant catalysts. The growth in the e-commerce sector is slowing, and the promotional activities have limited effects on performance, leading the market to maintain conservative expectations for the company's future profit growth. Additionally, under the global high-interest rate environment and fluctuations in the RMB, the willingness for capital to flow into the Hong Kong stock technology consumer sector has weakened, putting overall pressure on the industry’s capital situation, with JD being the most affected. The northbound capital and ETFs have continued to see slight outflows, which has also dampened market confidence. Technically, JD is currently oscillating around the HKD 180 mark, with some major funds showing interest in defensive buying, but the characteristics of stock game are evident, with no sustained proactive buying. If the stock price stabilizes at the HKD 180 support today and shows moderate volume increase, it may attract attention from funds looking for a rebound after a significant drop. However, if it continues to decrease in volume and breaks below key support, there is a risk of further decline to the HKD 160-170 range. In terms of operational advice, investors should pay attention to the volume-price coordination during the trading session and the testing of support zones. If there are signals of significant capital movement and volume increase, short-term rebound opportunities may be considered, but position sizes should be controlled with strict stop-loss measures