TME is amassing massive volume based on weekly data.
Net buy volume has increased almost 4-folds from 10M average volume to a whopping 38M, thanks to a rosy quarterly earnings AND new opportunities in the spectrum for the company.
The stock has broken its weekly descending trend line. Higher lows on both histogram and pricing has been created cementing the...
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.
Hello dear readers,
In the last TENCENT Music analysis , I also talked about the reasons for the massive sell-off in Tencent and then created a trading plan.
Now the price is in the buy zone and I will build a long position. The reasons are:
- The sell-off was triggered by a Blackswan event.
- The price is at a strong cross support of golden pocket, trend...
This trade is going to have 2 entries. The first one is going to be today but wont be a big positiion, and the second is going to be more agressive, just after it breaks the purple line.
Reasons to trade this: MACD bullish crossing, MACD turning positive, Price making higher lows
$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
if you find my charts useful, please leave me "like" or "comment".
Please don't trade according to the ideas, rely on your own knowledge.
Thx
