Technical Outlook for Tencent
The outlook for $TENCENT(00700.HK$ is very similar to $BABA-SW(09988.HK$ . Their price action looks very similar in the near-term. Their business models are very similar as well. The only difference between the two tickers is the price points of the technical support and resistance levels on the charts of each company. So if you want a more detailed thesis for Tencent's technical outlook then check out this previous post about the technical picture for $Alibaba(BABA.US$.
As illustrated in the picture below, Tencent's share price has climbed above bear market resistance and is no longer in bear market territory. This is a bullish development for the technical picture. Remember that after a strong rally the initial correction can be strong as well. So the first profit-take might look pretty ugly but it should present a great buying opportunity since the Chinese economy is officially reopening and covid related travel restrictions have eased in a big way.
I believe in the China reopening trade and I think there is more upside. I don't believe Tencent's price action will go straight up though. So here are the technical support and resistance levels that I am watching for potential reversals and dip buy opportunities. If there is a major correction to follow this 75% rally then I will be watching these levels for a dip buy opp.
Remember that the outlook for $Tencent(TCEHY.US$ is very similar to Alibaba's outlook. So check out that previous post for greater detail into the technical picture of both tickers.
As always, good luck trading. Be careful and be patient. Give your investments time. Don't invest in anything you don't understand. Don't put all of your eggs in one basket. Don't listen to the hype. Don't fomo or panic into or out of trades. And just follow the trends. A trend is your friend.
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SpyderCallOP : @102640653
102640653 SpyderCallOP: Thanks
SpyderCallOP 102640653: of course, no problem
Lovely_Moo : Thanks for your insight! They are useful from time to time.
102640653 : Hi . Would like you to check details n technical points for this ticker nio in hongkong.this has been neglected for some time now n very close it level . Thanks
股海沈迷 : Where did you find this information?
SpyderCallOP 股海沈迷: This information came from my own analysis
股海沈迷 SpyderCallOP: It seems that your basic abilities are quite perfect
SpyderCallOP 股海沈迷: well thank you. I can do this all day. I still have much more to learn though. There is always more to learn
股海沈迷 SpyderCallOP: Good. I can give you a copy of my own technical indicators.
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