Supporting Technicals:
- Various indications of distribution phase identified
- Tencent is trading weaker than market
- FFI remains below zero signalling fund outflow
- MACD momentum remains downward bias
Risk:
- FFI is below zero but upward sloping
Stop:
Above short term down trendline (Green)
Target:
1st Objective is HK$340-350 zone
(Fibo 1.618% + Previous minor consolidation phase)
- Various indications of distribution phase identified
- Tencent is trading weaker than market
- FFI remains below zero signalling fund outflow
- MACD momentum remains downward bias
Risk:
- FFI is below zero but upward sloping
Stop:
Above short term down trendline (Green)
Target:
1st Objective is HK$340-350 zone
(Fibo 1.618% + Previous minor consolidation phase)
Trade closed: target reached