If you're actively trading Naspers, these are the key levels.
Tencent (HK): +0.04% (06:05am SA Time)
Chinese Tech ETFs (US Market):
KWEB: -1.50%
CQQQ: -1.81%
Yesterday's Value and Volume:
Value Traded: R1.56bn
Volume: 630k shares
Chart Time Frame: 30-Minutes
How I'm Seeing It: Yesterday, the R2457 level turned into support early in the session from which we saw a rally. The R2497 resistance level we mentioned yesterday morning then acted as a selling area throughout the session. If you're a day trader/scalper and shorted R2493-R2497, I think you would have generated cash flow throughout the session. The share closed at R2469, off the highs of the day and below the range established from around 11am. Chinese tech stocks were weaker in the US last night while this morning, Tencent finds itself fluctuation between gains and losses. Considering this, a pullback early in the session is possible, with the R2434 down to R2420 range not being out of the question. With US market weakness quite clear and Asia trading in mixed territory, it's hard to talk about resistance levels being cleared however for those who are interested, if R2497 is breached combined with strong bids (and strong candle structure) at this range, then R2520 becomes our next target (and next resistance/distribution zone).
Disclaimer: The above analysis should not be considered as a trading or investment recommendation.
Disclosure: No position.
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 Euro Stoxx 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): +0.04% (06:05am SA Time)
Chinese Tech ETFs (US Market):
KWEB: -1.50%
CQQQ: -1.81%
Yesterday's Value and Volume:
Value Traded: R1.56bn
Volume: 630k shares
Chart Time Frame: 30-Minutes
How I'm Seeing It: Yesterday, the R2457 level turned into support early in the session from which we saw a rally. The R2497 resistance level we mentioned yesterday morning then acted as a selling area throughout the session. If you're a day trader/scalper and shorted R2493-R2497, I think you would have generated cash flow throughout the session. The share closed at R2469, off the highs of the day and below the range established from around 11am. Chinese tech stocks were weaker in the US last night while this morning, Tencent finds itself fluctuation between gains and losses. Considering this, a pullback early in the session is possible, with the R2434 down to R2420 range not being out of the question. With US market weakness quite clear and Asia trading in mixed territory, it's hard to talk about resistance levels being cleared however for those who are interested, if R2497 is breached combined with strong bids (and strong candle structure) at this range, then R2520 becomes our next target (and next resistance/distribution zone).
Disclaimer: The above analysis should not be considered as a trading or investment recommendation.
Disclosure: No position.
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 Euro Stoxx 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.