Technical Analysis of Chinese Stocks (February 27): Alibaba/Baidu/Bilibili/Futu/PDD Holdings/Tencent Music/NetEase/JD.com/Tencent/Meituan/Kuaishou/Xiaomi

1、 $Alibaba (BABA.US)$Entered a sideways consolidation phase last October. Dropped from the top of the range at the end of January, showing bearish price-volume circulation with overall trading volume declining. Currently stabilizing at the bottom support level of 146 and the annual moving average, entering a wedge position. Earnings report is about to be released; watch for potential short-term opportunities.

2、 $Baidu (BIDU.US)$Entered a sideways consolidation phase last October, retreated back into the range in late January after a false breakout. Bearish price-volume circulation was observed as trading volume decreased. The stock fell further on heavy volume following yesterday's earnings report release, nearing the volume control point (orange); it is not recommended to buy the dip until the downtrend is broken.

3、 $Bilibili (BILI.US)$Entered a sideways consolidation phase last October, retreated back into the range in late January after a false breakout. Currently stabilizing temporarily around the internal axis level of 28 within the range, with shrinking trading volume. Earnings report will be released soon; maintain a wait-and-see stance for now.

4、 $Futu Holdings Ltd (FUTU.US)$ In August last year, it entered a consolidation phase with sideways movement and formed a P-shaped volume distribution. A new wave of increase started in early January, but it began to fall before reaching the top of the range. Volume expanded, indicating bearish price-volume circulation. In mid-February, there was significant trading volume breaking through the lower support of the range; if it fails to recover in a short time, it will effectively break below the top formation. The upcoming earnings report brings high uncertainty.

5、 $PDD Holdings (PDD.US)$ Since 2024, it has been moving within a large consolidation range. In November last year, it dropped from its peak and retreated. Currently, it is oscillating within a narrow space formed by the volume control point (orange), the 109.5 axis position (red), and the downtrend line (white). It is about to face a directional choice and will likely not break out of the large consolidation range.

6、 $Tencent Music (TME.US)$ Continued weakness, already breaking below the 38.2% retracement level of the previous uptrend. Every counterattack by the bulls has been weak, and there has been no sign of panic selling or bottoming signals. Before breaking above the downtrend line, bottom fishing should not be considered.

7、 $NetEase (NTES.US)$ At the end of January, there was heavy trading volume breaking below the top symmetrical triangle and the 130 bottom ice-line support. In mid-February, there was a small rebound, but the momentum was very limited, failing even to test the ice-line position. The 50-day moving average is on track to form a death cross with the 200-day moving average, potentially initiating a medium-to-long-term downtrend.

8、 $JD.com (JD.US)$ In November last year, it broke through the significant support around 30 with heavy trading volume, and multiple rebounds have failed to pass that level. At the end of January, it fell again, breaking below the secondary distribution zone, continuing the downtrend. The 200-day moving average is sloping downward, and the stock remains in a major downtrend.

9、 $TENCENT (00700.HK)$ Starting from early February, it plummeted with heavy trading volume, breaking through the top formation developed since October last year, showing bearish price-volume circulation. The bulls failed to organize any effective counterattacks; the stock significantly underperformed compared to KWEB, and the 50-day moving average will likely form a death cross with the 200-day moving average.

10、 $MEITUAN-W (03690.HK)$ It started a downtrend in early February this year, breaking through the secondary distribution area formed since September last year, opening up downside space. It underperformed KWEB, showing bearish price-volume circulation without significant panic selling. The downtrend may continue in the future.

11、 $KUAISHOU-W (01024.HK)$ It entered the consolidation range in July last year. In early February, it dropped from the upper resistance at 82 and saw a large bearish candlestick with high volume. Candlesticks closed near the bottom, showing signs of weakening. Yesterday, at the support level of 62.65, another large bearish candlestick with high volume appeared. There were signs of demand entering, but the overall background remains very weak. Caution is advised for bottom fishing.

12、 $XIAOMI-W (01810.HK)$ After breaking down from the top pattern in October last year, it has remained in a downtrend. In November, it briefly rebounded at the 37 support level, but broke down again in January this year. Subsequent rebounds failed to surpass that level, and the downtrend continued. Candlesticks mostly closed at low levels, showing extremely weak momentum. Do not rush to buy the dip.

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