Tencent SDR ( $Tencent HK SDR 10to1(HTCD.SG)$ ) Technical Analysis by Joey Choy

Recent traded price at HKD 368.40 (S$6.63) is testing a key support level near HKD 350.00 (S$6.30). This level coincides with a prior resistance-turned-support zone, making it critical to observe whether it holds.

The 20-day moving average (green line) has started to turn downwards, indicating short-term weakness, while the 100-day (red line) and 200-day (blue line) moving averages remain steady, suggesting a neutral long-term trend

This bearish signal has played out as prices retraced from the HKD 480.00 (S$8.64) resistance level, which remains a significant hurdle. A break above this level could reverse the current weakness and reignite bullish momentum, targeting higher highs.

For traders looking to enter, a conservative approach would involve accumulating closer to the HKD 350.00 (S$6.30) support level, with a stop loss placed just below this level at approximately HKD 340.00 (S$6.12) to manage downside risk.

This allows entry at potentially more attractive prices if the support holds.

An aggressive approach, however, would be to wait for a rebound and a confirmed breakout above the HKD 400.00 (S$7.20) mark, signaling renewed upward momentum.