Thoughts on Tencent?
Hey everyone! I have another setup here today $TENCENT (00700.HK)$
On the H4, with prices moving along the descending trendline and below the ichimoku indicator, I have a bearish bias that price will drop to the sell entry at 297.0 where the swing low support and -27.2% fibonacci expansion are. Once there is downside confirmation of price breaking entry structure, we would expect bearish momentum to carry price to take profit at 253.0 where the 78.6% fibonacci projection and -27.2% fibonacci expansion are. Alternatively, price could rise to stop loss at 325.0 where the pullback resistance is.
Entry: 297.0![]()
Take Profit: 253.0![]()
Stop Loss: 325.0![]()
$Tencent 5xShortSG230202 (DTCW.SG)$
$Tencent 5xLongSG220808 (DDLW.SG)$
On the H4, with prices moving along the descending trendline and below the ichimoku indicator, I have a bearish bias that price will drop to the sell entry at 297.0 where the swing low support and -27.2% fibonacci expansion are. Once there is downside confirmation of price breaking entry structure, we would expect bearish momentum to carry price to take profit at 253.0 where the 78.6% fibonacci projection and -27.2% fibonacci expansion are. Alternatively, price could rise to stop loss at 325.0 where the pullback resistance is.
Entry: 297.0
Take Profit: 253.0
Stop Loss: 325.0
$Tencent 5xShortSG230202 (DTCW.SG)$
$Tencent 5xLongSG220808 (DDLW.SG)$
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