Tencent Music: Docked in
TME recently reached our magenta Target Zone (between $9.55 and $6.84) and is now trading just below its upper edge. We expect a deeper dive before the magenta wave (ii) comes to a well-deserved end. With the low in place, the share should then rise again and head for a new three-year high with the same-colored wave [iii]. Investors can therefore play the long side within the Zone, whereby stops could be placed 1% below the lower edge or at the support at $5.70.
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.