Tencent short opportunity:
Bearish consolidation+ bearish RSI setup.
Take trade now or wait for push to the upside, sell at suggested level and take profit at suggested areas.
Stop loss above latest high or higher.
Trade % probability based on experience: 65%
Bullish Engulfing Pattern formed after few constipating candles.
Price were consistently supported by 61.8%, last price closed above 50MA is another plus point to the trade.
However, suggest to protect profit as potential resistance at the gap above (78.6%).
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...