$MEITUAN Today it dropped another 6-plus points. At the 10.05 level, things look rather grim. On the Hong Kong stock market, Meituan hasn’t seen much improvement either; after all, in the broader environment of consumption downgrades, being able to hold the food delivery order volume and average customer spending is already pretty good.
The key is the low at 9.87—if that breaks, the next support band is around 9.5. Trading volume is only 1M, suggesting both bulls and bears are watching from the sidelines. With a contraction in volume like this, the selloff is actually more troublesome—there’s nobody to step in and take the orders.
On a macro level, the Fed is still dragging its feet. Hong Kong’s heavy-weight stocks are under overall pressure. As a single-stock token, $MEITUAN generally has worse liquidity than large-cap stocks, so amplified volatility is the norm. I don’t think this is a good opportunity to bottom-fish. Until the trend actually reverses, trying to catch a rebound is just grabbing a falling knife.
The key is the low at 9.87—if that breaks, the next support band is around 9.5. Trading volume is only 1M, suggesting both bulls and bears are watching from the sidelines. With a contraction in volume like this, the selloff is actually more troublesome—there’s nobody to step in and take the orders.
On a macro level, the Fed is still dragging its feet. Hong Kong’s heavy-weight stocks are under overall pressure. As a single-stock token, $MEITUAN generally has worse liquidity than large-cap stocks, so amplified volatility is the norm. I don’t think this is a good opportunity to bottom-fish. Until the trend actually reverses, trying to catch a rebound is just grabbing a falling knife.