Thoughts on Tencent?
Hi everyone! I have a setup here for you guys $TENCENT(00700.HK$
On the H4, with prices moving along the descending trendline and below the ichimoku indicator, we have a bearish bias that prices will drop to sell entry at 297.0 where the pullback support is. Should price break entry structure, we have a bearish bias that price will drop to take profit at 253.0 where the 78.6% fibonacci projection and -27.2% fibonacci expansion are. Alternatively, prices could rise to stop loss at 325.0 where the pullback resistance and 38.2% fibonacci retracement are.
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, we have a bearish bias that prices will drop to sell entry at 297.0 where the pullback support is. Should price break entry structure, we have a bearish bias that price will drop to take profit at 253.0 where the 78.6% fibonacci projection and -27.2% fibonacci expansion are. Alternatively, prices could rise to stop loss at 325.0 where the pullback resistance and 38.2% fibonacci retracement are.
Entry: 297.0
Take Profit: 253.0
Stop Loss: 325.0
$Tencent 5xShortSG230202(DTCW.SG$
$Tencent 5xLongSG220808(DDLW.SG$
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