Tech Giants of China - when will they see their glorious days?
Updated
We can see a similar pattern for Alibaba and Tencent shares in the daily chart. Both are in a consolidation stage and the resistance is hampering the price action to rally further.
I am watching closely this level and any breakup with a bullish signal could be a potential trend reversal to the bullish side.
Patience
I am watching closely this level and any breakup with a bullish signal could be a potential trend reversal to the bullish side.
Patience
Note
a week has passed and we can see that both counters are still unable to break above the resistance level. Be patientNote
another week passed and it is still moving sideways....Note
If you study this chart closely, for this quarter, both tech giant has been consolidating at the range and each time it meets the resistance point, it fails to break through. Could a stronger catalyst be needed to push it upwards ?
Note
surprised despite not so good results, Tencent shares this morning is still up.......Note
Tencents has broke out of the resistance level and is expected to go up higher, albeit at a much slower pace. When will Alibaba starts to rally ?Note
6 months later, you can see who is the laggard and who is rallying in the China Tech space though their business is not the same......
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.