Technical Analysis for Ticker 700
Follow the trail of links in each posts to find more technical levels for more ticker symbols. Directly below is a link for $Occidental Petroleum(OXY.US$
in the truck directly below you can see the long-term time frame with monthly candles. also the long-term technical support and resistance levels.
upon a closer look with weekly candles and a shorter time frame you can see that $0.10 price appears to be range bound between uptrending supports and resistance as well as horizontal supports and resistance.
in the chart below you can see the daily candles. currently the price sits on top of a short-term local support level. if we broke below the support level then I can see Tencent's price traveling down to its previous lows of just around $300. it is also very possible that we will bounce off this shorter term and weaker support level that Tencent is currently sitting on top of.
below you can see future expectations of the price of Tencent based off the futures contract prices. these numbers change everyday so these numbers could look very different at open next week. but as of Friday the futures contract prices are showing a short-term downtrend is expected. and it is good to see that the very long-term contracts are not changing. this shows that people are not expecting price to tank like many other equities have done in this bear market.
also you should note the concentration of bag holders are in the chart below. most people holding Tencent are concentrated within the current range we have been in where the price is having whipsaw price action between.
basically in my opinion the very long-term picture on Tencent is very good and very bullish. but in the very short term we might see a little more red if we don't get a bounce off this week short term support. if we do get around that 295 or $300 area then it is possible we will see a lot of investor stepping in and we could see a good bounce. that is what I am anticipating.
I should mention for those of you that do not know that Tencent is traded on the OTC markets. a lot of people do not like trading on OTC markets. but if you trade this ticker than you will love the OTC markets because this ticker almost exactly follows the price action of Tencent in Hong Kong. $Tencent(TCEHY.US$
I should mention for those of you that do not know that Tencent is traded on the OTC markets. a lot of people do not like trading on OTC markets. but if you trade this ticker than you will love the OTC markets because this ticker almost exactly follows the price action of Tencent in Hong Kong. $Tencent(TCEHY.US$
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SpyderCallOP : @102640653
I'm checking on the hang sang Index right now
Piggy Bank Trader : What does any of this have to do with AMC?
SpyderCallOP : yikes those apes get sensitive when you post on AMC's comment section. like it's private property or something. sheesh my bad guys. y'all weren't talking smack when I posted an AMC options trade that went up about 90%