Shorting TENCENT?
Hi guys! Anyone thinking of shorting $TENCENT (00700.HK)$?
Here's my technical take on TenCent, let me know what you guys think!![]()
On the H4, with price moving in a descending trendline and below the ichimoku cloud, we have a bearish bias that price will continue to drop from the sell entry at 353.6 in line with the pullback resistance, 100% fibonacci projection and 127.2% fibonacci extension to the take profit at 297.2 at the swing low in line with the 78.6% fibonacci projection. Alternatively, price may revers off the sell entry and rise to the stop loss at 388.0 at the pullback resistance in line with the 100% fibonacci projection.
Take profit: 297.2![]()
Entry: 353.6![]()
Stop loss: 388.0![]()
Here's my technical take on TenCent, let me know what you guys think!
On the H4, with price moving in a descending trendline and below the ichimoku cloud, we have a bearish bias that price will continue to drop from the sell entry at 353.6 in line with the pullback resistance, 100% fibonacci projection and 127.2% fibonacci extension to the take profit at 297.2 at the swing low in line with the 78.6% fibonacci projection. Alternatively, price may revers off the sell entry and rise to the stop loss at 388.0 at the pullback resistance in line with the 100% fibonacci projection.
Take profit: 297.2
Entry: 353.6
Stop loss: 388.0
If you wish to leverage on this, consider using DLCs:
$Tencent 5xLongSG230330(DGGW.SI)$
$Tencent 5xShortSG230202(DTCW.SI)$
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