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ZTO Express (ZTO) broke above the declining channel

 

ZTO Express, the Chinese delivery company, announced that 3Q adjusted net fell 8.2% on year to $178.3 million, missing the estimation, on revenue of $977.8 million, up 26.1%.


ZTO Express, the Chinese delivery company, announced that 3Q adjusted net fell 8.2% on year to $178.3 million, missing the estimation, on revenue of $977.8 million, up 26.1%. The stock dropped 5% during the after market trading session.


The company said "During the third quarter, driven by a gentle economic recovery, China express delivery industry maintained its strong growth momentum from the previous quarter and achieved a 37.8% parcel volume increase over last year. ZTO grew 51.2% with 4.6 billion parcels and expanded its market share by 1.9 percentage points to twenty .8%."


From a technical point of view, the stock broke above the declining channel, indicating a bullish reversal signal. Besides, the bullish cross between 20-day and 50-day moving averages has been identified.


Bullish readers could set the price at $29.55, while resistance levels would be located at $34.00 and $35.85.

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