Trader Type: Intraday/Ultra Short Term
Tencent (HK): -1.11% (07:53am SA Time)
Chinese Tech ETFs (US Market). Monday, 13-Dec.
KWEB: -3.22%
CQQQ: -1.69%
Yesterday's Value and Volume:
Value Traded: +R1.7bn
Volume: 678k shares
Chart Time Frame: 1-Hour
Last: 251367c
How I'm Seeing It: If you followed this note yesterday, there were opportunities to make money in both directions, firstly on the short side when then share hit our resistance area of R2553 and subsequently declined R62 to our support of R2491 in the afternoon. Following this we saw a R22 rebound into the close as the share settled at R2513. Asian equities are negative and Tencent is -1.07% thus risk-off sentiment should likely dominate in early trade. Levels: We could see R2500 being lost as a support area with the downside target range of 2468 to 2477. Resistance: R2528 to R2540.
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): -1.11% (07:53am SA Time)
Chinese Tech ETFs (US Market). Monday, 13-Dec.
KWEB: -3.22%
CQQQ: -1.69%
Yesterday's Value and Volume:
Value Traded: +R1.7bn
Volume: 678k shares
Chart Time Frame: 1-Hour
Last: 251367c
How I'm Seeing It: If you followed this note yesterday, there were opportunities to make money in both directions, firstly on the short side when then share hit our resistance area of R2553 and subsequently declined R62 to our support of R2491 in the afternoon. Following this we saw a R22 rebound into the close as the share settled at R2513. Asian equities are negative and Tencent is -1.07% thus risk-off sentiment should likely dominate in early trade. Levels: We could see R2500 being lost as a support area with the downside target range of 2468 to 2477. Resistance: R2528 to R2540.
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.