TCEHY - A view of an old school trader.

As another request, I’ll do an analysis of TCEHY today. Well, we can say that Tencent is doing what was expected to do, after it hit the “resistance zone” is now dropping and it seems it find a bottom at the light blue line in the chart, which is the previous top zone.

TCEHY is doing some very precise and technical moves here, and now it did a bullish pattern , a downside tasuki gap, maybe? Or bullish engulf? Don’t know, and don’t matter really.

Just be aware, because if it loses this light blue line the stock may face some trouble. Let’s see the hourly chart for some clues:

The price lost an upward trendline (blue line), and it’s in a support zone , as it is in the daily chart . The rule here is the same, if it loses that blue line, expect it will seek for the lowers supports. Look at the daily chart again, these supports may be the thin pink line or even that thick red line.

Personally, I think there’re more interesting stuff to trade right now, but if you want to buy Tencent, you can, but be aware of the low volume today and most important, the “resistance zone”.

Trade well my friends and be safe.

Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume ). Like this idea if it helped.

Thank you very much.

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