Tencent major 4.5% drop sending a break in structure

21 февр. 2023 г.

Tencent break in uptrend structure - Bearish
Tencent has eventually broken below the Uptrend structure after fantastic upside.
This means, the price is now in free fall and is more likely to touch the previous support (brim level of the last Cup and Handle ).
21<7 price>200 - Reversal
RSI <50 - Bearish
Target 312
I just did an analysis on Naspers which we spoke about how Tencent has the correlation.
As Naspers correlates with Tencent and Prosus... We saw a sluggish market in Asia session with the banking holiday effect in America.
Hong Kong stocks slump as Chinese tech giants step up rivalries, HSBC in focus as market await corporate earnings boost. The Hang Seng Index declined 1.7 per cent to 20,529.49 at the close of Tuesday trading, the biggest drop in over a week. The Tech Index tumbled 3.6 per cent while the Shanghai Composite Index added 0.5 per cent. The benchmark index has lost nearly 5 per cent in the past two weeks as hedge funds withdrew from the market. With Tencent dropping 4.5% this is why we saw a large breakaway gap with Naspers.
Caution is needed with such volatility .