Tencent Dropping In The Next Few DaysTencent would be dropping in the next few days to the nearest support
Resistance:
1st Resistance: $380
Supports:
1st Support: $300
2nd Support $290
TCTZF trade ideas
My Tencent worth...Following most Chinese Internet Companies, #Tencent succumbing to the Trump tax-blow. A breakthrough it’s 6-month support line does not paint a pretty picture for the share price going forward.
Next support level could be around the lows of March (350HKD), with a break most probably testing the 200-day moving average at 334HKD. Share price has lost a lot of its strong momentum and would I either wait for a better “tweet” from Trump or for momentum to turn. Although the share price is somewhat oversold according to its 14-day RSI, I would add to wait for it to dip below the 30 mark.
The longer-term outlook for the company is still looking positive with a consensus (according to Thomson Reuters) target price of 425HKD. Be patient…
700 Tencent short target HKD352.4Idea: we see 700 top at HKD$395 on May 8, and 4 days later it dropped HKD26 in total, bounced up and wasn't able to bounce back up above EMA30.
as drop ABC, where A is $26, and C expects another HKD$26 drop from May 15 @$378.4 to HKD$352.4
Tencent - Q1 results tomorrow!Tencent plans to announce their 2019 Q1 results tomorrow. The 200-day MA followed by the 23.6% Fib retracement could be key support levels.
Tencent - Trading within the rising wedgeAdhering to support and resistance within this rising wedge. Eventually this rising wedge will break to the downside, but to preempt that could be dangerous. No position.
Tencent Holdings: Medium Term Technical AnalysisTencent: Medium Term Technical Analysis HKEX:700
A review of the weekly chart sees the price respecting three (3) trend line resistance levels:
1. Going back to March 2014
2. The underside of the incline support going back to February 2016, which is also a sharp back-test of the prior breakdown.
3. The incline support going back to October 2018.
It should also be noted that the current breakdown as per the Relative Strength Index (RSI) closely resembles the prior price action of 27-Arpil-2015, 26-September-2016 and 22-January-2018. At current levels, the 40-week/200-day moving average trades at HK$333 which may act as a natural target should the short term weakness persist.
#Tencent Rising wedge formationThese rising wedges have a tendency to eventually break down when the buyers becomes exhausted. A possible level for a breakdown would be 340, but it's still early days. Wait.
Tencent Holding (TCEHY) Pullback/UptrendingFor swing trading only. Good uptrend to continue as moving averages are in good conditions. Short term pull back in the next few days would be a chance to short, and/or buy after downtrend reversal confirmation.
#Tencent Poor results and rising wedge looking set to play outMissed investor expectations
Rising wedge with negatives divergences
Naspers will follow this one like a shadow
My Tencent(s) worth - $700Tencent having a bit of breather this week after a great little run that started 4Jan19. Share price now getting close to the bottom of the channel (which is 329.60HKD), with the 50-day moving average (325.19) being a strong resistance level. A break below the 50-day MA could see us test the 304.60 levels.
Share price is still above the 50-day MA, which are still pointing upward (the MA). This make the trend still healthy. A bounce off the channel could see us test the 200-day moving average at 342.95, with next resistance being at 363.
Consensus forecasts are still very bullish on Tencent, with Thomson Reuters 12 month forecasts still showing 17% upside from current levels (according to mean forecasts from all analysts covering Tencent).
Long Tencent On Pullback & Fav Macro WindsRecording this trade:
Long Tencent
-Entry: $343.80
-Stop: $340.80
-Target: $350.80
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I was quite conflicted while taking this long trade as I was wondering why did Tencent drop when peers like Ping An and Xiaomi were all rallying.
There was good news on the trade war side and I did read reports of challenging times for Tencent. I have even considered going short but then I realized that this is a short intra-day pullback and decided to go long.
I don't have any special analysis on this long trade, just the simple candlestick chart that shows a bullish Tencent and general belief that the market had turned bullish despite concerns on Chinese growth and debt levels (even with the Qinghai default).
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Recording this to see how the trade will go.
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Emerging markets my d****As you can see on this chart, a gigantic rising wedge it is completing as long as price is moving towards its target.
Victory Royale for Tencent?Tencent just invested 150 million dollars in Reddit, and keep in mind that Tencent owns 40% of Epic games... The creator of the video game giant, Fortnite. The Megalodon is giving us a buy signal on the technical side!
The Megalodon indicator uses an artificial intelligence, combined with data from over 500 buy setups, and over 2000 indicators to produce extremely accurate buy signals on any and all asset classes! Send me a message if you would like to try it for yourself!
TENCENT due for correction- Bearish divergence
- Ending diagonal in 5th wave
- This correction could influence Naspers and the SAtop40 all together
