TENCENT (700) Downward Bias - Weekly Chart
HKEX:700 (Weekly Chart) traded below its 8 month old upward trend line with heavy volume sell off seen during the week of March 19th-23rd.
Last week of March, stock price made failed attempt to trade back above the trend line. This became evident that the trend line has turned from support to resistance. Weekly MACD is also trading in bearish momentum.
Applying Fibo, the expected downward target is HK$360-370.
Last week of March, stock price made failed attempt to trade back above the trend line. This became evident that the trend line has turned from support to resistance. Weekly MACD is also trading in bearish momentum.
Applying Fibo, the expected downward target is HK$360-370.
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