Tencent (HK): +2.18% (06:10am SA Time)
Chinese Tech ETFs in the US overnight:
KWEB: -1.94%
CQQQ: +0.38%
Chart Time Frame: 30-Minutes
How I'm Seeing It: As mentioned yesterday (pre-market), Friday's low would be a key support that would have to hold should bulls attempt to take control intraday. This level was R2434 where the share traded and hovered around from 11am and from which we saw a rebound into the afternoon. Did you notice how the price also traded into R2457 where we saw an attempt to break above, with resistance eventually holding and capping a further advance. With markets in the US seeing further weakness overnight, a test of Tuesday's lows is not out of the question - that's around R2423 down to R2411. On the upside, ~R2473 up to R2485 could be a strong resistance level and possibly one to short/sell into however, considering Tencent is higher in HK, we could see the R2473 level being cleared, with bulls targeting R2497 (the next resistance zone).
Disclaimer: The above analysis should not be construed 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 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.
Chinese Tech ETFs in the US overnight:
KWEB: -1.94%
CQQQ: +0.38%
Chart Time Frame: 30-Minutes
How I'm Seeing It: As mentioned yesterday (pre-market), Friday's low would be a key support that would have to hold should bulls attempt to take control intraday. This level was R2434 where the share traded and hovered around from 11am and from which we saw a rebound into the afternoon. Did you notice how the price also traded into R2457 where we saw an attempt to break above, with resistance eventually holding and capping a further advance. With markets in the US seeing further weakness overnight, a test of Tuesday's lows is not out of the question - that's around R2423 down to R2411. On the upside, ~R2473 up to R2485 could be a strong resistance level and possibly one to short/sell into however, considering Tencent is higher in HK, we could see the R2473 level being cleared, with bulls targeting R2497 (the next resistance zone).
Disclaimer: The above analysis should not be construed 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 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.