$HSI(HSI)$ thoughts: $Alibaba(BABA)$ and $TENCENT(00700)$ are titans in the Asian markets. Both have progressed through a 70-80% decline from their 2020/2021 peaks.
Today both charts show a loose year long pattern of consolidation where the upper resistance boundary is near the long duration moving average (200-day).
Given this setup, I find the risk to reward here as favorable and have established initial positions in both.
Image
Image
Follow me to learn more about analysis!!
https://twitter.com/tomthetrader1
HKEX Stocks Opportunities
Any thoughts and experiences on investing in the HK stock market? Share them with all Tigers here!
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments
This morning $TENCENT(00700)$ is breaking out of its well defined consolidation channel.
$Alibaba(BABA)$ $Alibaba(09988)$ continues to consolidate within its triangle at the lower boundary.
Coupang digesting its recent breakout. I remain pleased with the “outside of US equites” category trade.