We see from weekly chart that it has multiple support at current price of 315. For those who believes in the potential of this company can start to accumulate/buy now or wait for it to clear the resistance at 388.20.
Let's see how it goes ....
1. Clear all drawings and indicators.
2. A horizontal resistance level, price reversed at here to form a false break (React Don't Predict).
3. Add BandofMidas from indicators. Use Midas factor of 9. (suitable for this chart)
4. Price fall into Midas zone and reversed. Midas signal came out today morning on 22Sep2023.
5. Midas trend line still in white. Hold...
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The main culprit can be attributed to the central government crackdown on the tech sector which almost kills the likes of Alibaba, Meituan and other listed tech companies. They have all suffered a fall in share prices of 50-65% from its peak.
In Tencent case, the withdrawal of its largest shareholder sent shivers to many retail...
HSI overall looks weak BUT tencent at support level.
Good risk/reward
Pink line SL
Blue line tp. Can take 2/3 TP and let 1/3 run and adjust SL to entry price when move to blue line
Bull flagging, in the context of a inverse head and shoulder, which appears to be holding critical support.
Upside to the next level is a great risk reward IMO, with a stop loss below the support.
Tencent has been struggling for a while to gain ground and has been in range after a sharp drop and rebound. Currently sitting at support and looks poised to move toward thr upside from here. Risk to reward looks pretty decent and once China starts to recover or stabilise its economy activity this stock is bound to go towards $75 range. The stock looks in healthy...
Would love a retest of the baby blue box, i think I would have to take a shot on this.
That area of inflection seems quite important. If you're below it for long that's very very bad, but otherwise... aiming for a large leg up.
Tencent hitting some overhead supply this morning, RSI stretched, perhaps a rest to the moving averages...
It will be important that bulls hold onto the 20/200 ema's for bulls to have a chance of breaking out of the main channel.
Think of 3 things in your life that you are highly dependent on. Ready? 1 , 2 , 3
1. Social Media
2. Fast food
3. Mobile Phone
I did a quick survey among my circle of friends and came to the above conclusions (may not be conclusive). It is tough to imagine kids today will spend time to play Monopoly or Scrabble games (a luxury in my childhood time). Of course,...
Nov 16 2022 will be its Q3 earning report. You can choose to buy before or after depending on how comfortable you are with this company.
The China Tech stocks have been badly bashed due to the regulation clamp down. But, the business model remains strong. Let's be patient as the 20th CPC National Congress will end this week and we can expect to hear some...
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Yesterday evening I reviewed several names in my report THE SUM OF THE CHARTS. These included NPN, GLN, SSW, AMS and more.
For more research insights (including trade ideas) get in touch today.
Tencent break in uptrend structure - Bearish
Tencent has eventually broken below the Uptrend structure after fantastic upside.
This means, the price is now in free fall and is more likely to touch the previous support (brim level of the last Cup and Handle ).
21<7 price>200 - Reversal
RSI <50 - Bearish
Target 312
I just did an analysis on Naspers which we spoke...
Tencent has bounced of a support line "buy point 2" and is now close to a resistance level. There have recently been positive catalysts around Chinese stocks, such as the "Golden Share" and SEC reporting. The MACD indicator is close to a crossover.
