Tencent having a bit of breather this week after a great little run that started 4Jan19. Share price now getting close to the bottom of the channel (which is 329.60HKD), with the 50-day moving average (325.19) being a strong resistance level. A break below the 50-day MA could see us test the 304.60 levels.
Share price is still above the 50-day MA, which are still pointing upward (the MA). This make the trend still healthy. A bounce off the channel could see us test the 200-day moving average at 342.95, with next resistance being at 363.
Consensus forecasts are still very bullish on Tencent, with Thomson Reuters 12 month forecasts still showing 17% upside from current levels (according to mean forecasts from all analysts covering Tencent).
Share price is still above the 50-day MA, which are still pointing upward (the MA). This make the trend still healthy. A bounce off the channel could see us test the 200-day moving average at 342.95, with next resistance being at 363.
Consensus forecasts are still very bullish on Tencent, with Thomson Reuters 12 month forecasts still showing 17% upside from current levels (according to mean forecasts from all analysts covering Tencent).
Trade active:
342.95 breached. Next target still remain 363, with strong resistance point at 384.
Trade active:
Break in the parallel trendline. Need to monitor.
Comment:
Bounces off 200-day moving average and nearing my first target, 363. A break above 363, could see us test the 390 levels now.
Trade active:
Bounces off 200-day moving average and nearing my first target, 363. A break above 363, could see us test the 390 levels now.