Tencent continues consolidation before rallying to the upside!
Hello everyone. Recently, I just visited the HQ of Tencent in Shenzhen. The business trip was fantastic! I never thought Tencent got so many powerful apps pending on the pipeline. The visual tour, AR as well as so many others really got my attention. I'm confident that those products will become the pillar of its revenue in the future.
Now, let's go to the technical side. Obviously, the price is consolidating around the narrow range. In my opinion, the confluence zone is just below so this isn't much room to the downside.
In addition, I got identified a firm uptrend line which should serve as a support line with zone. So, buy low and hold strategy should be paid off in the coming months.
Buy zone: 606-587
Trading target: 650, 693
Invest target: around previous high 750.
Now, let's go to the technical side. Obviously, the price is consolidating around the narrow range. In my opinion, the confluence zone is just below so this isn't much room to the downside.
In addition, I got identified a firm uptrend line which should serve as a support line with zone. So, buy low and hold strategy should be paid off in the coming months.
Buy zone: 606-587
Trading target: 650, 693
Invest target: around previous high 750.
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