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Saturday, 1 September 2018

Tencent Holdings (HKSE: 0700): 1 September 2018, Saturday, 12.30am Singapore Time

Tencent Holdings (HKSE: 0700): 
1 September 2018, Saturday, 12.30am Singapore Time
(Click on Technical Chart above to Expand)

Attached is the technicals for Tencent Holding that is listed in Hong Kong (HKSE: 0700). The technical on Tencent is for shorting. Tencent Holding has a gap-down Support-Turned-Resistance Band in Red in the hourly chart. This red band is used as launchpad to batter the stock down. In the 4-hourly chart, using this falling-window's show of intention, it is clear that $320.00 will break down with the momentum. The momentum is impulsive, meaning $320.00 support will have more than 90% probability of breaking down fast. In the daily chart for Tencents, it is now showing an even more bearish formation -- bearish expanding triangle. The Tencent Holding target price projected down to satisfy a large structure Shoulder-Head-Shoulder to end the correction will be $264.60-$266.00.

Additional Note :
Note that at TP of $264.60-$266.60, The long term uptrend of Tencent Holdings is not derailed at all.

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