Hello everyone. The reported earning today is way better than the estimated number. However, I noted a gap down at the opening with previous low sitting around HKD 421.
Basically, the continuation of the crackdown on the tech companies worried investors. Today's upper wick candle suggested selling pressure.
The nearest support level is previous low of HKD 421. What's the next key support level if 421 is violated?
On the Monthly chart, HKD 394 is identified as a confluence supporting level with flip, mid-term MA and uptrend line.
Don't use up all your bullets if price drops to the level. We all know that emotion may push the price further down. But, in my opinion, HKD 394 is really a reasonable & cheap price for Tencent. I'd like to hold it for 2-3 years.
What do you think?
Give me a like if you're with me.
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The nearest support level has been tested once. Price closed just at the level. Let's see how it will go tomorrow.
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Fierce battle around previous low level of 421 above which price managed to close today.