ResistanceResistance Line: Useful to set alert at 355 to see potential buying points. However, be sure to wait to see if price change is too abrupt. Wait for a increase to above the line that spans over 5 days at least.
NNND trade ideas
Key Support Reached for TencentWith the shanghai composite on the key 2400 support with the recent one day 4% intra day up move, the worst for the Chinese equity seems to be behind us. With soft GDP numbers coming in and the trump tarrifs full effect to take place from now on we are to see where this market will go further. Yuan reaching the psychological level of 7 will be defended by the govt. which is sitting on huge FX reserves with recent selling of some of its US paper.
Tencent has had a steep correction in line with the broader index. key supports are here and will see profit booking and fresh interest for longs. Still remains one of the strongest tech companies in the world.
