Tencent Stock code 0700.HKE
Outlook
Price reached a high of HK352.80, which is the Fibonacci 127% of the previous rally from 251.10 to 328.20. This could mark the end of the corrective rally from the low of HK251.10. Price also failed to move above the Fibonacci 62% of the previous decline from HK430.70 to HK251.10. There were divergence warnings from MACD, hinting of a possible price top. There was a price gap which price failed to fill as well. Price was unable to move above gap resistance at HK354.70. Failure to close the gap means the bearish trend has not changed. We think the corrective rally could be over and price could be about to turn down to HK330 again
Strategy
HK349.00 Short Sell
HK330.00 Price Target
HK355.20 Risk Management Stop
2 weeks Trade Duration
Genting Singapore Stock Code G13.SGX
Outlook
Price may have reached a high at $1.12. It has touched this price on 4 occasions but did not manage to one close at this price. There is a resistance just above at $1.13 as well. MACD showed a bearish divergence, warning of a possible price high. Price was also capped by the Bollinger Band’s upper band. The Bollinger Band is also narrowing, which is a sign of lower volatility. This is a sign of price reaching a high and starting to consolidate. This adds weight to the theory that price has reached a high.
Strategy
$1.10 Short Sell
$1.02 Price Target
$1.15 Risk Management Stop
2 weeks Trade Duration
