Trader Type: Intraday/Active
Tencent (HK): +1.16% (07:26am SA Time)
Chinese Tech ETFs (US Market). Wednesday, 08-Dec.
KWEB: +0.28%
CQQQ: +1.21%
Yesterday's Value and Volume:
Value Traded: +R1.4bn
Volume: 580k shares
Chart Time Frame: 1-Hour
How I'm Seeing It: On Wednesday, my envisioned resistance zone of R2577 held, with sellers stepping up early in the session to protect level from get-go as the prior session momentum was lost amid a strong ZAR. Attempts to push into resistance we made however buyers failed to maintain their aggression as the share faded into the afternoon, hitting our support range of our R2500/R2520 before closing at R2526. Which levels are important today? With Tencent moderately higher and the ZAR the stronger end of it's recent range, I'm expecting subdued price action in the counter with R2547/R2558 being a congestion area while R2500 down to R2491 is a likely (provisional) support 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): +1.16% (07:26am SA Time)
Chinese Tech ETFs (US Market). Wednesday, 08-Dec.
KWEB: +0.28%
CQQQ: +1.21%
Yesterday's Value and Volume:
Value Traded: +R1.4bn
Volume: 580k shares
Chart Time Frame: 1-Hour
How I'm Seeing It: On Wednesday, my envisioned resistance zone of R2577 held, with sellers stepping up early in the session to protect level from get-go as the prior session momentum was lost amid a strong ZAR. Attempts to push into resistance we made however buyers failed to maintain their aggression as the share faded into the afternoon, hitting our support range of our R2500/R2520 before closing at R2526. Which levels are important today? With Tencent moderately higher and the ZAR the stronger end of it's recent range, I'm expecting subdued price action in the counter with R2547/R2558 being a congestion area while R2500 down to R2491 is a likely (provisional) support 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.