Tencent Holdings: Medium Term Technical Analysis
Tencent: Medium Term Technical Analysis
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.
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.