Shorting TENCENT?
Hi guys! Anyone thinking of shorting $TENCENT(00700)$ ?
Here's my technical take on tencent, let me know what you guys think! [Grin]
On the H4, with price moving in a descending trendline and below the ichimoku cloud, we have a bearish bias that price will continue to drop from the sell entry at 353.6 in line with the pullback resistance, 100% fibonacci projection and 127.2% fibonacci extension to the take profit at 297.2 at the swing low in line with the 78.6% fibonacci projection. Alternatively, price may revers off the sell entry and rise to the stop loss at 388.0 at the pullback resistance in line with the 100% fibonacci projection.
Take profit: 297.2[Miser]
Entry: 353.6[Great]
Stop loss: 388.0[Cry]
If you wish to leverage on this, consider using DLCs:
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.
Wooooo