Meituan's key resistance zone is between HK$83.378 and HK$84.403; only a breakout above this range would improve its technical outlook.

Meituan is trading at HK$81.40. Technically, the current price is below the 10-day moving average (MA) at HK$83.870, the 20-day MA at HK$83.378, and the 30-day MA at HK$84.403. All three key short-term moving averages are above the share price, indicating that Meituan has not yet stabilized back above these key MAs in the short term. From a near-term perspective, the range of HK$83.378 to HK$84.403 has become a significant resistance zone. Until the stock reclaims this zone, its trend will remain weak and range-bound.

Regarding Bollinger Bands, the middle band is at HK$83.378, the upper band at HK$86.368, and the lower band at HK$80.387. Meituan’s current price is below the middle band but still above the lower band, suggesting the stock is not extremely oversold but has also failed to return above the middle band. Yesterday (the 21st), the stock briefly rose to an intraday high of HK$86.850—above the upper Bollinger Band—but closed at HK$82.100. This sharp reversal is highly significant: it indicates Meituan had an opportunity to strengthen, but ultimately failed to sustain the breakout and fell back below the middle band, signaling a failed upside attempt in the short term.

The Relative Strength Index (RSI) stands at approximately 38.340, reflecting relatively weak momentum that has yet to show clear improvement. This suggests Meituan hasn’t fallen to an extreme low, but buying momentum remains insufficient. If the price can stabilize around the HK$83.378–HK$84.403 zone, the RSI may gradually recover; however, if even HK$82.100 fails to hold as support, the short-term downtrend could extend further, bringing renewed attention to the lower Bollinger Band at HK$80.387.

From key comments, market sentiment toward Meituan reflects a typical 'hopeful but confidence shaken by a high open followed by a sell-off.' Bullish views argue that Meituan has held up relatively well in a weak market—historically, its price would have dropped further during broader market downturns. Some investors also suggest a practical short-term trading range: buying around HK$82 and selling near HK$90. This view isn’t entirely unfounded, as Meituan closed higher today and remains above the lower Bollinger Band at HK$80.387, so it hasn’t completely broken down.

However, the main issue for bulls is that yesterday (the 21st), the early-session high of HK$86.850 already approached or even exceeded short-term overhead resistance, yet gains were fully given back, closing at HK$82.100. This shows that despite buyers stepping in at lower levels, the market still lacks sufficient strength to push the price back above key moving averages. To transform today’s 'high open, low close' pattern into a 'stabilization from lows,' Meituan must first break back above HK$83.378—the Bollinger middle band and 20-day MA—and then challenge HK$83.870 and HK$84.403. Until it reclaims this area, the risk-reward ratio for chasing the stock remains unattractive.

Bearish comments are more direct, focusing on phrases like 'high open, low close,' 'sell into rallies,' 'gap down tomorrow,' 'break below 80,' and 'every time it rallies sharply, it just falls back again.' These remarks reflect investors’ lack of confidence in the sustainability of Meituan’s rebounds. Today’s price action indeed supports this view: the drop from an intraday high of HK$86.850 to a close at HK$82.100 nearly erased all gains. Notably, some investors mentioned a 'bearish engulfing' pattern—a market perception driven by the large pullback from highs, which creates an impression of distribution or heavy selling pressure.

Technically, the key level for bears to watch is HK$80.387. If this level is breached, the share price would fall below the lower Bollinger Band, intensifying short-term downside pressure. The range between HK$83.378 and HK$84.403 represents a resistance zone for potential strength recovery. Until Meituan reclaims this zone, it will remain in a relatively weak sideways trend; if it drops below HK$82.100, attention should turn to support at HK$80.387.

Meituan-W (03690) Trading Focus: HK$82.100 is the key short-term support level. Holding above this level could present an opportunity to play for a rebound. Only after breaking above the HK$83.378–HK$84.403 resistance zone would conditions improve for a test of HK$86.368. If HK$82.100 is breached, weakness may persist, with initial support seen at HK$80.387.

Strategy 1 | Play for a short-term rebound if holding above HK$82.100

28065 | Strike Price: HK$87.04 | Effective Leverage: 5.5x | Strike price is close to the upper rebound zone, suitable for playing a bounce toward the HK$83.378–HK$84.403 resistance zone after the stock holds above HK$82.100.

26790 | Strike Price: HK$83.38 | Effective Leverage: 4.4x | Strike price nears a pivotal level, suitable for a more conservative rebound play, focusing on capturing a recovery from lows back toward the mid-Bollinger Band.

27505 | Strike Price: HK$83.43 | Effective Leverage: 4.4x | Suitable when the stock first stabilizes above HK$82.100 and then attempts to challenge HK$83.378. Leverage isn’t the highest, but the strike aligns closely with near-term technical levels.

$UBMTUAN@EC2610D.C (28065.HK)$$BPMTUAN@EC2612D.C (26790.HK)$$HSMTUAN@EC2612B.C (27505.HK)$

Strategy 2 | Chase the rebound after breaking above HK$84.403

26464 | Strike Price: HK$90.05 | Effective Leverage: 7.5x | Suitable for chasing momentum after the stock breaks above the HK$83.378–HK$84.403 resistance zone. The strike price sits above near-term resistance and is primarily intended to capture upside extension toward HK$86.368.

26603 | Strike Price: HK$90.05 | Effective Leverage: 7.6x | Higher leverage makes it suitable for quick short-term trades after a confirmed breakout; not recommended for early deployment before resistance is clearly breached.

26508 | Strike Price: HK$90.05 | Effective Leverage: 7.5x | Best used after a confirmed breakout accompanied by improved trading volume, aiming to capture continuation of the rebound rather than trying to pick a bottom. $HUMTUAN@EC2608B.C (26508.HK)$$HSMTUAN@EC2608C.C (26603.HK)$$UBMTUAN@EC2608C.C (26464.HK)$

Strategy 3 | Turn bearish if price breaks below HK$82.100

21519 | Strike price HK$82.83 | Effective leverage 7.0x | Strike price close to current market price, suitable for capturing short-term downside moves after breaking below HK$82.100, offering more direct sensitivity to share price movements.

23001 | Strike price HK$77.83 | Effective leverage 3.9x | Suitable for use if the share price breaks below HK$82.100 and tests HK$80.387 further; lower elasticity but positioning closer to the downside target.

28234 | Strike price HK$74.95 | Effective leverage 5.6x | Better suited for deployment after bearish confirmation—if the share price breaks below HK$80.387 and approaches HK$78.731, it can serve as a more aggressive extended bearish position. $UBMTUAN@EP2607A.P (21519.HK)$$UBMTUAN@EP2612A.P (23001.HK)$$UBMTUAN@EP2609D.P (28234.HK)$

Friendly Reminder: This article does not constitute any investment advice.

This article is for reference only and does not constitute any investment advice. Market data, opinions, and analyses contained herein may change at any time without prior notice. We assume no responsibility for any loss or damage resulting from reliance on the information in this article. Technical analysis only indicates whether certain technical conditions are met; a comprehensive evaluation of asset performance should combine other information, and trading decisions should not be made solely based on this article. Please note that past performance is not indicative of future results. Follow Jenny’s insights on Hong Kong stock warrants for more professional analysis. $Hang Seng Index (800000.HK)$$Hang Seng TECH Index (800700.HK)$

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