700 (TENCENT) POTENTIAL SELL INCOMING at 588.5 to 419.5
TICKER CODE: 700
Company Name: Tencent Holdings Ltd
Industry: Communication Services | Internet Content & Information
Position Proposed: SELL
Technical Analysis
1. Falling Wedge Pattern (Potentially forming)
2. Large Head & Shoulders (Potentially forming)
3. Fibonacci Retracement at 0.786 is at key market structure
4. Fibonacci Expansion Safe Take Profit Level 1 (Grey Zone) Also the length of Flagpole
Analytical Assumption
Monthly chart has not done any proper retracement
to any market structure hence, we are looking for a deep pullback.
This deep pullback will hit previous resistance which is now the new support
Sell Exit: 588.5
Buy Entry: NOT READY (379.5-419.5)
1st Partial Take Profit: 867.0 (July-End 2022)
2nd Partial Take Profit: 1146.0 (2023)
Stop Loss: 355.0
This chart will be monitored and updated on a closer date or when more data is presented.
Company Name: Tencent Holdings Ltd
Industry: Communication Services | Internet Content & Information
Position Proposed: SELL
Technical Analysis
1. Falling Wedge Pattern (Potentially forming)
2. Large Head & Shoulders (Potentially forming)
3. Fibonacci Retracement at 0.786 is at key market structure
4. Fibonacci Expansion Safe Take Profit Level 1 (Grey Zone) Also the length of Flagpole
Analytical Assumption
Monthly chart has not done any proper retracement
to any market structure hence, we are looking for a deep pullback.
This deep pullback will hit previous resistance which is now the new support
Sell Exit: 588.5
Buy Entry: NOT READY (379.5-419.5)
1st Partial Take Profit: 867.0 (July-End 2022)
2nd Partial Take Profit: 1146.0 (2023)
Stop Loss: 355.0
This chart will be monitored and updated on a closer date or when more data is presented.