Morning Trend | JD.com Continues to Decline with Decreasing 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 area. 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, and 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 consumer recovery that is below expectations, 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 of capital to flow into the Hong Kong stock technology and consumer sector has weakened, putting overall pressure on the industry's capital situation, with JD being the most affected. The continuous slight outflow of northbound funds and ETFs has also dampened market confidence. Technically, JD is currently oscillating around the HKD 180 mark, with some main funds already buying in defensively, but the characteristics of stock game are evident, with no sustained active buying. If the stock price stabilizes at the HKD 180 support today and shows a mild increase in volume, it may attract attention from funds looking for a rebound from oversold conditions. However, if it continues to decrease in volume and breaks below the key support, there is a risk of further decline into 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 areas. If there are signals of significant capital movement and increased volume, short-term rebound opportunities may be considered, but position sizes should be controlled with strict stop-loss measures