*An extract from this morning's pre-market research published to our client group*
Yesterday’s pullback appear to be a further back-test of the falling wedge formation. This should be considered normal price action. Tencent is higher in HK thus moderate buying can be expected. Any further weakness would bring the 2340-2360 level in play where an opportunistic intraday buy could be executed. Will assess further, in real-time. DAILY CHART.
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.
Yesterday’s pullback appear to be a further back-test of the falling wedge formation. This should be considered normal price action. Tencent is higher in HK thus moderate buying can be expected. Any further weakness would bring the 2340-2360 level in play where an opportunistic intraday buy could be executed. Will assess further, in real-time. DAILY CHART.
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.