Tencent (HK): Currently -2.25% (8am, SA Time)
Chart Time Frame: 30-Min
With Tencent lower by 2.25% in HK, NPN risks early-session weakness, with a print at or close to Friday's lows at R2434 a possibility (i.e. R26 below the last close of R2461). A breach and close below this level also sees the horizontal support that has been in place since 23-Sept being breached, opening up R2398 and R2312 (Aug-Sept support zone). For intraday traders who are looking for possible longs, we would like to see Friday's low being reclaimed (it may trade below and THEN attempt a reclaim). Alternatively, Monday's support of R2457 could turn into an intraday resistance/supply zone.
Disclaimer: The above analysis should not be construed as a trading or investment recommendation.
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.
For more insights and real-time ideas, get in touch today.
Chart Time Frame: 30-Min
With Tencent lower by 2.25% in HK, NPN risks early-session weakness, with a print at or close to Friday's lows at R2434 a possibility (i.e. R26 below the last close of R2461). A breach and close below this level also sees the horizontal support that has been in place since 23-Sept being breached, opening up R2398 and R2312 (Aug-Sept support zone). For intraday traders who are looking for possible longs, we would like to see Friday's low being reclaimed (it may trade below and THEN attempt a reclaim). Alternatively, Monday's support of R2457 could turn into an intraday resistance/supply zone.
Disclaimer: The above analysis should not be construed as a trading or investment recommendation.
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.
For more insights and real-time ideas, get in touch today.