It is tough to determine the bottom for this ETF as it lacks historical trend to back up. Using the heaviest weightage component of this ETF to benchmark , Tencent appears to have reach a double bottom.
Of course, we won't know how long this bottoming process will last, weeks, months or years..... Those who believe in Tencent fundamentals and growth story may be motivated to accumulate in tranches.
Or the more cautious investors can wait for it to break out of the resistance level at 510.60 before going long. On the contrary , this HSTECH ETF has yet to display a bottoming pattern so it is good to wait a while more if one is keen to go long.
5862. 80 was perceived to be the bottom until proven wrong as the price actions has broken down from the support level. So, one can now wait for the prices to be stabilised or slightly heads further south before deciding to go long......
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nibble some yesterday.....
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could this be the light of the tunnel? hmm.. wait for 1 more week before i consider adding more