Does the stock price build a double top formation?
Will the stock price cross the previous valley low at HKD 511
If yes, the formation target price would be HKD 458; another 10% lower
There was already a double top formation on the weekly chart February 18
After a sharp decrease the stock moved sideways over several months
PDD closed at upside target for a profit of +35.05%; un-marginalized
China Youzan closed at upside target for a profit of +70.48%; un-marginalized
Tencent long position, floating +22.58% with stoploss covered and 1/4th profit taken (closed).
$TME just broke $13.37 out with high volume. RSI is still below the trendline though. There might be a pull back but it is very strong for an upside rally.
12 months Consensus Price Target: $16.11
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JSE:NPN is currently forming a small head and shoulders pattern on the 1D chart. If it continues downwards and confirms the break through the necklinr, we could be looking at a target around the 224000 level.
The first small head and shoulders pattern completed. But the second one is too big to become real. I think it is not time for new ATH. RSI, stochastic, Bolinger band, and CCI are bearish and others are indicating negative.
JSE:NPN has been trending upward since mid-March and with today's opening, it finally broke below the trendline that has formed. Although unconfirmed as of yet, this could mean a move to the downside. I'll be keeping an eye on what happens here next week for a possible short position.
JSE:PRX formed a bearish harami on Thursday last week which is a top reversal signal.
This was confirmed by the break through the upward trendline and the stochastic.
This could mean a move downward for a while if confirmed by breaking below the low of last Wednesday.
We are developing a scary head and shoulders top formation in both Naspers and Prosus. Should we convincingly break below the necklines of the respective charts at approximately R2376 and R1050 respectively, we have downside targets some 18.6% and 13.6% away from current levels on Naspers and Prosus. (Price targets if H&S formation plays out, NPN : R2014, PRX: R927)