Tencent Holdings (0700.HK): Retracement in a downwards channel
Published On: 4 November 2022, 1:15 PM | Alex Lee, Senior Dealer
- Looking at the weekly chart of Tencent Holdings, we can see that price has been in a downwards trend channel.
- Currently, price is rejecting the support of the channel. In the coming weeks, we can expect to see retracement towards the resistance of the channel in confluence with the horizontal resistance line at the range of HKD 290 – 335 where shorting opportunities may arise.
- However, a break towards the upside of the channel will serve as an indication that the momentum has shifted and is poised to the upside
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