Thoughts on Tencent?
Hey everyone, I have another trade setup here today $TENCENT (00700.HK)$
On the H4, with prices moving along the descending trendline and moving below the ichimoku cloud, we have a bearish bias that price will drop to sell entry at 330.6 in line with swing low support and 161.8% fibonacci extension. Once there is downside confirmation of price breaking sell entry, we would have a bearish bias that price will drop to take profit at 296.0 in line with swing low support and 100% fibonacci projection. On the other hand, price could rise to stop loss at 362.4 in line with pullback resistance and 61.8% fibonacci projection.
Entry: 330.6![]()
Take profit: 296.0![]()
Stop loss: 362.4![]()
On the H4, with prices moving along the descending trendline and moving below the ichimoku cloud, we have a bearish bias that price will drop to sell entry at 330.6 in line with swing low support and 161.8% fibonacci extension. Once there is downside confirmation of price breaking sell entry, we would have a bearish bias that price will drop to take profit at 296.0 in line with swing low support and 100% fibonacci projection. On the other hand, price could rise to stop loss at 362.4 in line with pullback resistance and 61.8% fibonacci projection.
Entry: 330.6
Take profit: 296.0
Stop loss: 362.4
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