Relative Strength China Tech Play Coiled Near Highs
GDS Holdings (GDS) shares of the China based Tech services name are staying strong relative to its peers and one of the few China names that didn’t even pullback much lately but instead has spent October coiling in a high tight bull flag on top of its value area support of 20.50. The stock closed green in a mixed tape Wednesday and looks poised to break out north of 22.50 for a likely next target into 28 where an untested VPOC sits overhead from 2022. Earnings not due util later in November like most of the China tech stocks. This week saw 5000 November $19 puts sell to open for $0.45 while also still has the 10,000 March $23 calls in open interest from buyers on 9/20 after Jan $15 calls adjusted up and out from August original buyers.