Tencent sell-off a little overdone?
With the Chinese crackdown on tech stocks and the latest announcement banning for-profit education, Tencent has seen a significant impact on its latest share price. The latest move has seen price rejected all the way to the Monthly/Weekly S3 @ 490 which is considered very extreme from a technical standpoint and ignoring fundamental factors for a moment will provide an excellent risk to reward opportunity for a pullback to the yearly pivot @ 507 followed bt a gap close at the Monthly S2 @ 530. Should we see more downside the only other obvious major level of support is near 475
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.