Tencent is the massive technology conglomerate of China. I will just list some random things next:
• Most used app
• App has everything
• Government involvement
• Shady stuff
• Owner suddenly selling all
• Big holdings in other companies worlwide
The stock is not listed in the US. You can get it OTC or in Hong Kong. Honk Kong has a minimum 100 share amount, so… OTC..
No real way to leverage it.
However, for the last couple of years it has perfectly surged in a dominant channel up pattern. (blue one)
In that pattern it has had various medium term patterns with the same angle. (purple lines)
Moreover, all of the retracement have been similar like the one, which has been charted at the moment. (black lines)
Although, this time I am looking at the region near the $55.00 mark. The stock is both going to linger there and then go down to the lone support of the dominant pattern, which is unlikely, in my opinion. It is unlikely because a lone trend should be too weak to stop the decline.
Instead it seems more probable that the stock will trade sideways just above the just mentioned level and then reach the dominant support.
I am sticking to such forecast because the Fibos on this stock look stronger than the smaller scale trends.
During the next review I will look at the changes in the larger trend picture. Might be that there is something larger at work (pretty sure of that)