Drama on the Stock Exchange 2.0 - TENCENT MUSIC Buy Now!Hello dear readers,
In the last TENCENT Music analysis , I also talked about the reasons for the massive sell-off in Tencent and then created a trading plan.
Now the price is in the buy zone and I will build a long position. The reasons are:
- The sell-off was triggered by a Blackswan event.
- The price is at a strong cross support of golden pocket, trend lines and horizontal support levels.
- Volume is falling, the MACD shows a weakening of the downward trend.
- Of course, everything could turn out quite differently here. But all in all, I think that the probability of a nice long trade looks quite good when all factors are taken into account.
Now we have to be patient.
As always, it is "do your own research" - I am not an investment advisor and this analysis only reflects my personal opinion and is not a call for individual action!
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Many greetings & success!
Chartdigger
