prediction on tencent based on elliot wave theorybased on elliot wave theory, retracement would happen soon on tencent and a big increment is expected in upcoming future
NNND trade ideas
TENCENT mid time or long time bearishThe first small head and shoulders pattern completed. But the second one is too big to become real. I think it is not time for new ATH. RSI, stochastic, Bolinger band, and CCI are bearish and others are indicating negative.
Who would have thought playing games can make you rich ?I am talking about the professionals , of course. 20-30 years ago, gaming was hardly in fashion, less to talks as a trend. Now, the youngsters all want to get involved, chasing the gamer's dream.
And that of course make the gaming companies like Tencent , Actvision Blizzard, etc produce more games for them.
Will be adding long later. Note, the temporary ceiling at 472 level is near so the risk reward for late entrants might not be as attractive. There might be a correction once this level is reached and hopefully a greater discount can be given .
Tencent Holdings Ltd (700 - HK) - updated EW countTencent Holdings Ltd (700 - HK) is in 3rd subwave of 3rd wave, which is either about to end or it may further extend, but will know as correction proceeds. If the 3rd subwave ended then 4th subwave correction should not entered in to the territory of subwave 1. It is exactly moving up as expected in previous updates. In weekly time frame it is a very strong stock of HSI and in the 3rd wave of 5th wave impulse, which is further subdividing as extended wave.
Know when to buy good companies at a discountLast night , the market is generous again to offer us retail traders a discount to buy great companies again.
Tencent is one of them, having slide from a high of 455 to current price of 437. So, I am adding more of this stock into my portfolio.
Tencent Long Entry: 13:28:51 (UTC) Wed Jun 10, 2020Tencent Long Entry: 13:28:51 (UTC) Wed Jun 10, 2020
Tencent Holdings Ltd (700 - HK) - ABC wave patternTencent Holdings Ltd (700 - HK) is in ABC zigzag wave pattern and moving up in C wave up. It is in 1st wave of C, which is about to end soon and 2nd will correct it down. Watch the invalidation level closely. In weekly time frame it is a very strong stock of HSI and in the 3rd wave of 5th wave impulse, which is further subdividing as extended wave.
Tencent - Testing some short term support levelsAfter the recent earnings report on 13 May, Tencent is now testing short term support levels. It will be interesting to see if it hold.
Decent profit shorting Had a good time shorting. However, be careful because tencent could hit 443ish once again in the short term. Patiently holding, and eyeing to add more in the future.
Tencent 2-year highsTencent shares just rose over 2% after beating earnings estimates.
Gaming revenues are back on the rise after Beijing lifted restrictions on registrations of new games releases
Shorting at 442.8Looks bullish in the short term. But would begin shorting once the price hits 440 level. TP 400.
TCEHY - A view of an old school trader.As another request, I’ll do an analysis of TCEHY today. Well, we can say that Tencent is doing what was expected to do, after it hit the “resistance zone” is now dropping and it seems it find a bottom at the light blue line in the chart, which is the previous top zone.
TCEHY is doing some very precise and technical moves here, and now it did a bullish pattern, a downside tasuki gap, maybe? Or bullish engulf? Don’t know, and don’t matter really.
Just be aware, because if it loses this light blue line the stock may face some trouble. Let’s see the hourly chart for some clues:
The price lost an upward trendline (blue line), and it’s in a support zone, as it is in the daily chart. The rule here is the same, if it loses that blue line, expect it will seek for the lowers supports. Look at the daily chart again, these supports may be the thin pink line or even that thick red line.
Personally, I think there’re more interesting stuff to trade right now, but if you want to buy Tencent, you can, but be aware of the low volume today and most important, the “resistance zone”.
Trade well my friends and be safe.
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Thank you very much.
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