Trader Type: Intraday/Active
Tencent (HK): -0.47% (05:50am SA Time)
Chinese Tech ETFs (US Market). Thursday, 09-Dec.
KWEB: -1.45%
CQQQ: -0.11%
Yesterday's Value and Volume:
Value Traded: +R1.2bn
Volume: 516k shares
Chart Time Frame: 1-Hour
How I'm Seeing It: Pre-market yesterday, the R2547 level was the bottom of our provisional resistance range. This then turned out to be the morning high from which we saw the share being sold throughout the session with a slump all the way down to R2467 in the afternoon. What you'll notice is that the share closed the 06-Dec gap before rallying to close at R2499. A weaker ZAR may be a catalyst for support however Tencent is currently lower by 0.47% which will weigh on the name, although not by a great deal I suspect. In terms of resistance, R2520-R2526 is provisional distribution zone while the R2473 down to the R2466 level is a possible (provisional) support range.
Disclaimer: The above analysis should not be considered as a trading or investment recommendation.
Disclosure: No position held.
In addition to NPN, I also provide short term trading analysis on other large cap JSE stocks including but not limited to FSR, SOL, MTN and AGL. In the offshore space, I focus on, but not limited to, the S&P 500, Nasdaq 100 and EuroStoxx 50 while also tracking USDZAR, EURUSD, DXY, USDJPY and AUDJPY among others in the FX arena.
For more insights and real-time ideas, get in touch today.
Tencent (HK): -0.47% (05:50am SA Time)
Chinese Tech ETFs (US Market). Thursday, 09-Dec.
KWEB: -1.45%
CQQQ: -0.11%
Yesterday's Value and Volume:
Value Traded: +R1.2bn
Volume: 516k shares
Chart Time Frame: 1-Hour
How I'm Seeing It: Pre-market yesterday, the R2547 level was the bottom of our provisional resistance range. This then turned out to be the morning high from which we saw the share being sold throughout the session with a slump all the way down to R2467 in the afternoon. What you'll notice is that the share closed the 06-Dec gap before rallying to close at R2499. A weaker ZAR may be a catalyst for support however Tencent is currently lower by 0.47% which will weigh on the name, although not by a great deal I suspect. In terms of resistance, R2520-R2526 is provisional distribution zone while the R2473 down to the R2466 level is a possible (provisional) support range.
Disclaimer: The above analysis should not be considered as a trading or investment recommendation.
Disclosure: No position held.
In addition to NPN, I also provide short term trading analysis on other large cap JSE stocks including but not limited to FSR, SOL, MTN and AGL. In the offshore space, I focus on, but not limited to, the S&P 500, Nasdaq 100 and EuroStoxx 50 while also tracking USDZAR, EURUSD, DXY, USDJPY and AUDJPY among others in the FX arena.
For more insights and real-time ideas, get in touch today.