Trader Type: Intraday/Ultra short term
Tencent (HK): +0.65% (06:39am SA Time)
Chinese Tech ETFs (US Market). Tuesday, 07-Dec.
KWEB: +4.37%
CQQQ: +2.24%
Yesterday's Value and Volume:
Value Traded: +R1.82bn
Volume: 713k shares
Chart Time Frame: 1-Hour
How I'm Seeing It: Yesterday we saw both intraday targets being hit before the share faded into the afternoon, giving up some of it's intraday gains. Safe to say the share, along with PRX was used as a funding trade for a midday rotation into resource shares and SA financials/banks although the last 3 hours reflected moderate buying evidenced by the long lower candle wicks. With Tencent higher by only 0.65%, we may not see similar aggressive buying as we did yesterday. As expected, the R2566 zone acted as a resistance level (HOD 2580) which is in line with the hourly 200-SMA. Support levels of R2520 and R2500 will be key while R2560 to R2575 could be a level where sellers could again step up and show their hand. Unlike yesterday, I have less conviction on direction at the open, so it's best to use the aforementioned resistance levels as a guide.
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): +0.65% (06:39am SA Time)
Chinese Tech ETFs (US Market). Tuesday, 07-Dec.
KWEB: +4.37%
CQQQ: +2.24%
Yesterday's Value and Volume:
Value Traded: +R1.82bn
Volume: 713k shares
Chart Time Frame: 1-Hour
How I'm Seeing It: Yesterday we saw both intraday targets being hit before the share faded into the afternoon, giving up some of it's intraday gains. Safe to say the share, along with PRX was used as a funding trade for a midday rotation into resource shares and SA financials/banks although the last 3 hours reflected moderate buying evidenced by the long lower candle wicks. With Tencent higher by only 0.65%, we may not see similar aggressive buying as we did yesterday. As expected, the R2566 zone acted as a resistance level (HOD 2580) which is in line with the hourly 200-SMA. Support levels of R2520 and R2500 will be key while R2560 to R2575 could be a level where sellers could again step up and show their hand. Unlike yesterday, I have less conviction on direction at the open, so it's best to use the aforementioned resistance levels as a guide.
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.