The 7-day RSI
is extremely oversold with a 20 reading in which case we may see an oversold bounce. On the other hand the US tech sector sold off sharply on Friday which may see follow-through to Tencent which could lower levels for PRX
. The selling pressure has been significant as evidenced by the large red candles but to say that continues would be backward-looking whilst at the same time extrapolating. The share is however below it's downward-trending 8/21 moving averages tilts the bias to the downside.
Bull Approach: There's a gap to be closed at R1432 which may be closed (and potentially overshoot) however this is close to the swing lows in the range of 1405-1435.
Bear Approach: Sell the rallies into the 8-day, currently at ~R1560-R1610.76.
This chart forms part of a larger research report and should not be viewed as a recommendation to buy/sell.