W Formation has formed recently on Tencent Holdings.
And where the price broke above the Neckline is also where the price has broken it's downtrend for the first time since January 2023.
This deems a very positive sign for buying and demand to push the price up.
Nature of the trade analysis is High Probability Too.
Price>20MA and Price>200MA
Target...
Is Tencent Stock a Buy Now?
Tencent posted its third quarter earnings report on Nov. 16. The Chinese tech giant's revenue fell 2% year over year to 140.1 billion yuan ($19.8 billion), which represented its second consecutive quarter of declining revenue since its IPO in 2004. Its net profit rose 1% to 39.9 billion yuan ($5.6 billion). On an adjusted basis, which...
Price target for TCEHY Tencent is $56.
All the Chinese stocks are primed for a strong recovery after China`s top administrative authority said it would work to stabilize the stock market and boost economic growth!
Traders are expecting the Chinese government would support the stock market like the FED did in the US.
In the chart you can see a schoolbook Head And Shoulders Bearish Chart Pattern.
Theory says that you measure the distance from the neckline to the top and then consider the same distance to discover the bottom from the neckline down.
In this case it coincides with the strong 40usd support!
ARK also sold its positions in TCEHY Tencent Holdings Limited.
I`m...
