In Feb 2021, that was the peak of Tencent Holdings at 700+ price level.
Currently, we have cleared the resistance at 483.20 and I expect it to break above the 522 price level within the next few months. Once this level is broken up, it should head towards the 700+ price level.
It won't be a straight line up as it was in 2020/2021 so patience is much needed here. With the Chinese government paying a lot of attention to AI, this tech giant is certain to receive incentives/grants to further its plans in AI, cloud infrastructure ,etc.
Any retracement to me is a good accumulation point.
Currently, we have cleared the resistance at 483.20 and I expect it to break above the 522 price level within the next few months. Once this level is broken up, it should head towards the 700+ price level.
It won't be a straight line up as it was in 2020/2021 so patience is much needed here. With the Chinese government paying a lot of attention to AI, this tech giant is certain to receive incentives/grants to further its plans in AI, cloud infrastructure ,etc.
Any retracement to me is a good accumulation point.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.