If you're actively trading Naspers, these are the key levels.
Tencent (HK): -2.66% (07:48am SA Time)
Chinese Tech ETFs (US Market):
KWEB: -1.31%
CQQQ: -0.88%
Yesterday's Value and Volume:
Value Traded: +R1.5bn
Volume: 698k shares
Chart Time Frame: 30-Minutes
How I'm Seeing It: The R2497 resistance level highlighted on Tuesday and Wednesday, held during the early part of Thursday's session, acting as an intraday distribution/selling zone and which was followed by a downward trend to test a low of R2445 for the session. From yesterday's intraday high, the price developed a falling channel which is considered a bullish structure however, with Tencent currently being lower by over 2.6% in HK, the risk here is that yesterday's low is once again tested and possibly breached. The 2423 to 2438 remains an "opportunistic" intraday buy 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 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): -2.66% (07:48am SA Time)
Chinese Tech ETFs (US Market):
KWEB: -1.31%
CQQQ: -0.88%
Yesterday's Value and Volume:
Value Traded: +R1.5bn
Volume: 698k shares
Chart Time Frame: 30-Minutes
How I'm Seeing It: The R2497 resistance level highlighted on Tuesday and Wednesday, held during the early part of Thursday's session, acting as an intraday distribution/selling zone and which was followed by a downward trend to test a low of R2445 for the session. From yesterday's intraday high, the price developed a falling channel which is considered a bullish structure however, with Tencent currently being lower by over 2.6% in HK, the risk here is that yesterday's low is once again tested and possibly breached. The 2423 to 2438 remains an "opportunistic" intraday buy 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 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.
