Tencent Holdings (HKSE: 00700):
15 August 2018, Wednesday, 10.32pm Singapore Time
(Click on Technical Chart above to Expand)
Attached above is the technicals for Tencent Holdings that is listed in Hong Kong (HKSE: 00700). It does seem like Tencent Holdings is enacting my live forewarnings back in January 2018 -- that tech stocks will be unloaded by hedge funds sharply in 2018 as they are over-valued and to serve as sector rotation from tech to commodity-energy stocks to mark 50th percentile of a bull market. Tencent had completed a 9month-12month Shoulder-Head-Shoulder (SHS) Price Structure. The Target Price projected down to satisfy the SHS to end the major correction will be $264.60-$266.60, projected by X = height of head in SHS. Tencent has successfully backtested the neckline breakdown this week. It is a signal for Tencent to proceed going down towards TP on chart.
Additional Note:
Note that at TP of $264.60-$266.60, The long term uptrend of Tencent Holdings is not derailed at all.
Refer to Attached Chart Below:
Tencent Holdings (HKSE: 00700):
15 August 2018, Wednesday, 10.32pm Singapore Time
(Click on Technical Chart above to Expand)
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