TENCENT (0700)

Tencent is currently consolidating between HKD388 and HKD330. Hence a daily close above HKD388 would invite buying pressure and a potential retest of either HKD430 resistance or HKD480 resistance. However, a bearish scenario and a short selling opportunity could present itself shall Tencent closed below HKD330. First downside support is the year to date low of HKD297 with another one further lower at HKD260, a level last traded on 13 November 2018.