I like what I am seeing on the Tencent ADR chart. The price has been knocked back as a result of fears around Chinese government regulation - but as you may know - I'm always up for a good reversal play. The stochastic
is signaling a bullish
crossover while the RSI
is signaling a bullish divergence
. Currently at $39.99, the price is extended well below it's 200-day moving average which trades at around $51.52. A positive move in the US tonight could spark a turnaround on the oversold Hang Seng and Asian markets.
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