TENCENT
$TENCENT(00700.HK$
the monthly candles are giving me a tricky picture. currently the price of tencent is right in between the strong support and resistance levels from the previous high and previous low that i have highlighted by the horizontal yellow lines. there is another support level in between these two support and resistances that I mentioned. but that one has a lot of choppy price action around it. I highlighted the choppy price action by the zig zag yellow line. when you get a lot of choppiness like this sometimes the current price action will have a hard time getting above or below this choppiness. I don't know if that makes sense. but basically it's possible that tencent can remain range bound here where it is at currently just like it did in the past possibly.
the monthly candles are giving me a tricky picture. currently the price of tencent is right in between the strong support and resistance levels from the previous high and previous low that i have highlighted by the horizontal yellow lines. there is another support level in between these two support and resistances that I mentioned. but that one has a lot of choppy price action around it. I highlighted the choppy price action by the zig zag yellow line. when you get a lot of choppiness like this sometimes the current price action will have a hard time getting above or below this choppiness. I don't know if that makes sense. but basically it's possible that tencent can remain range bound here where it is at currently just like it did in the past possibly.
it looks slightly promising on the weekly candles. this week we finished with a green weekly candle and it had a very long candle lick at the bottom of the candle. this shows that the week had a big sell-off at the beginning of the week and the buyers stepped in to buy the price all the way back up towards the end of the week. that looks good in my opinion. we finished with the green candle at least. and it seems as if the price is trying to get above that support level that I highlighted with the horizontal yellow line
this kind of worries me in the chart below. tencent is still confined within this very short-term daily downward trending price channel. it still has not breaking out of the price channel even though a lot of other big Chinese equities have broken out of their long-term downtrend. I really like this company for a long-term play. but this one does not look as good as baba. at least when you're talking about the technical outlook on the chart. if tencent price can rise above This downward price channel then it will look a lot better technically. actually I would watch this everyday for a break above that price channel. when that happens I would watch for a lot of investors, a lot of volume, a lot of upward momentum, etc. if all of that happens at the same time then I will step in for a long position more than likely.
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SpyderCallOP : I really like tencent so it's hard for me to say that this chart does not look good. if you have already been holding a long-term investment I would not sell it because tencent has already dropped so much. I am waiting for this thing to bounce just like everybody else. I've been waiting a couple years. @102640653
102640653 SpyderCallOP: I’m holding the same dlc on Tencent too I just bought it last week when Tencent was at 290hkd . It’s a good investment for a year over to go
SpyderCallOP 102640653: good long term. a company does everything from insurance to internet retail. they have a wide mode and they are a popular name. long term I believe in them....
but I've been meaning to ask you a question. there are a lot of news stories circulating in the US about military tensions relating to Taiwan and China and us. other news stories like that circulating in the other hemisphere. or do we have fake news or something. basically I'm wondering if the whole world is thinking this. are all the investors around the world concerned about military tensions like I'm talking about? I know it's a random question but this could affect investors sentiments so I'm kind of concerned. I've heard these headlines in the past several times but I'm never known if other parts of the world were thinking about this.
102640653 SpyderCallOP: Some of this r news which is a rumour dragging down market. For example when pelosi was coming to Asia for semiconductor meeting, they use this to sell down the entire hongkong n China markets. Some of these news cannot be trusted just a spreader that’s it. Excuse to selling off indexes.