JD Logistic Inc (HKEX: 2618) has broken out of the downtrend line and although prices has not made another significant high to confirm the uptrend, technical is pointing out a potential upside.  

1. The throwback from 161.8% extension level of the double bottom has been supported well at the neckline support turned resistance level at HK$31.43. Target extension level at 200.00% has not been met yet.
2. Bollinger band is contracting and suggest a breakout to the upside one volume picked up and break the middle band.

*Timeline of the trade is 10 weeks from the date issued.  

CHART LEGENDS

Bollinger Bands

Standard Deviation = 2

Red dotted line – Upper Bollinger Band

Blue dotted line – 20 period MA

Green dotted line – Lower Bollinger Band