Tencent's Technicals
Here is my very old post about Tencent. A lot of the points are still very relavent today. Check out the link below for more info on Tencent.
Monthly Candles
The monthly candles directly below, are about to print a head and shoulders pattern. This could lead to increased selling once this candlestick pattern completes its formation.
Weekly Candles
Here is a chart with the weekly candles. You can see how it could resemble a bullflag. A breakout to the upside would be ideal for the bulls.
Technical Structure
Here is how I am looking at the current technical structure.
- The current trend is bearish based on the direction of the short-term and long-term trend.
- If the bearishness continues, then the next major area of strong support will be around the 270.00 - 270.50 price points. This is a major Fibonacci support zone. This is the main area I will watch for a possible rebound. If the price dips below this zone, then be ready for more selling.
- In order for any bullishness to develope, the price must climb above and stay above the long-term resistance you can see in the chart below. When this happens then it will be the first instance that would show the downtrwnd might be ending.
As always, I am not a financial professional, and this is not investment advice. Be careful and be patient. Dont anticipate the market. Rather, participate in the market. Give some of your investments time and know when to cut your losses. Don't be greedy. Don't invest in anything you don't understand. Don't put all of your eggs in one basket. Don't listen to the hype. Don't fomo or panic into or out of trades. Do your own due diligence. And just follow the trends. A trend is your friend. Good luck trading.
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102640653 SpyderCall OP : Agree. Totally . There is one thing which would help the break to the upside is strong upcoming results on November 15 . Going forward China market direction plays an important part in its direction going forward. I’m just looking currently for Shanghai market to hold n stay on upward bias. All depends on current economic data coming out . It definitely shows improvements but it’s too difficult to predict yet . Thanks . Hope hongkong n Shanghai market hold its ground . Thanks
SpyderCall OP 102640653 :
102640653 : Needs to break 316-320 to confirm its uptrend.
Who Am I 102640653 : Buy more...
102640653 : Just look at both Tencent, Alibaba, both the Shanghai n hang Seng index as well as hangseng tech index movement. What I can say a bottom has been placed last week or so . If this trend hold I would say Alibaba n Tencent will break up to upside easily. Although volume is on the low side signs r it is picking up. Result around the corner . Fingers crossed n see the momentum going forward is stronger n much more higher . Would monitor Shanghai index for trend change. Good luck .