Wedge retest
This is a good time to get in for anyone that's bullish on gaming and streaming in china.
Incase you are unaware there is a merger that is happening with huya and TenCent owns a significant portion of HUYA and DOYA. due to the antirust monopoly policy from china there was some scare that may effect this merger causing this stock to drop, but imo it caused this stock to drop to the point where it's still a good entry regardless of a merger takes place or not.
We can see a wedge breakout and the retest of the trendline after it has retraced about 40% from the ATH.
As for indicators we can see lots of bullish divergence on the indicators shown and we can see the macd on the verge of crossing the 0 line , DI lines crossing and the rsi entering into the bullish region.
ADX is extremely low indicating the previous leg down is very weak.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.