Thoughts on Tencent?
Hey guys!! I have brought another setup $TENCENT (00700.HK)$
On the H4, with prices moving above the ichimoku indicator and price breakout from descending trendline, I have a bullish bias that prices will rise from buy entry at 367.0 where the 50% fibonacci retracement and overlap support are to the take profit at 403.5 in line with swing high resistance and 78.6% fibonacci projection. Alternatively, prices could break entry structure and head for stop loss at 353.5 where the 78.6% fibonacci retracement, 78.6 fibonacci projection and swing low support are.
Entry: 367.0![]()
Take profit: 403.5![]()
Stop loss: 353.5![]()
$Tencent 5xShortSG230202 (DTCW.SG)$
$Tencent 5xLongSG220808 (DDLW.SG)$
On the H4, with prices moving above the ichimoku indicator and price breakout from descending trendline, I have a bullish bias that prices will rise from buy entry at 367.0 where the 50% fibonacci retracement and overlap support are to the take profit at 403.5 in line with swing high resistance and 78.6% fibonacci projection. Alternatively, prices could break entry structure and head for stop loss at 353.5 where the 78.6% fibonacci retracement, 78.6 fibonacci projection and swing low support are.
Entry: 367.0
Take profit: 403.5
Stop loss: 353.5
$Tencent 5xShortSG230202 (DTCW.SG)$
$Tencent 5xLongSG220808 (DDLW.SG)$
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