JICPT| Tencent pending breakout to challenge bearish structures!
Hello everyone. It seems HK investors calmed down a bit regarding the tightened regulation on tech companies from Beijing. Let's have a look at Tencent.
On the weekly chart, price has closed above key level of 477(flip and moving average). The emotional selling seems to be over.
On the daily chart, price refused to create lower low with a nice gap-up formed today, indicating strong momentum. But I do notice trouble zone of 510-523 ahead. I will pay close attention on the arrival and candle formation. The firm supply zone is 570-580. I guess huge selling pressure there.
Let's get back to the basic. I don't believe government want to kill the techs. The change is from no regulation to regulation. In the long term, regulation helps tech companies to grow in a sustainable way. So, I'm bullish on Tencent for the long run.
What's your opinion? Feel free to post your comment below.
On the weekly chart, price has closed above key level of 477(flip and moving average). The emotional selling seems to be over.
On the daily chart, price refused to create lower low with a nice gap-up formed today, indicating strong momentum. But I do notice trouble zone of 510-523 ahead. I will pay close attention on the arrival and candle formation. The firm supply zone is 570-580. I guess huge selling pressure there.
Let's get back to the basic. I don't believe government want to kill the techs. The change is from no regulation to regulation. In the long term, regulation helps tech companies to grow in a sustainable way. So, I'm bullish on Tencent for the long run.
What's your opinion? Feel free to post your comment below.
plan your trade and trade your plan
