Trader Type: Intraday/Active
Tencent (HK): -2.87% (08:32am SA Time)
Chinese Tech ETFs (US Market). Wednesday & Thursday, 15 & 16 Dec.
KWEB: -4.41%
CQQQ: -1.62%
Chart Time Frame: 1-Hour
Last: 246999c
Value Traded: R3.2bn
Volume Traded: 1m shares
How I'm Seeing It: The 2478 support level flagged on Wednesday morning held twice in the session, providing a double long opportunity on an intraday basis, both for around R30 each on the long side. With Tencent below lower by a cumulative 3.62% over the two-day period (thus far), it's likely that NPN loses the R2457 support zone, with the possibility of testing R2434 as well as the previous support zone of R2411. On the upside, 2493 to R2505 could act as a resistance zone.
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): -2.87% (08:32am SA Time)
Chinese Tech ETFs (US Market). Wednesday & Thursday, 15 & 16 Dec.
KWEB: -4.41%
CQQQ: -1.62%
Chart Time Frame: 1-Hour
Last: 246999c
Value Traded: R3.2bn
Volume Traded: 1m shares
How I'm Seeing It: The 2478 support level flagged on Wednesday morning held twice in the session, providing a double long opportunity on an intraday basis, both for around R30 each on the long side. With Tencent below lower by a cumulative 3.62% over the two-day period (thus far), it's likely that NPN loses the R2457 support zone, with the possibility of testing R2434 as well as the previous support zone of R2411. On the upside, 2493 to R2505 could act as a resistance zone.
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.