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From Alibaba hefty penalty, we are now seeing the Chinese government going after Tencent.
We could possibly see the 600 support for Tencent to breakdown and if it does, then we expect
the next level of support to be the 500 level. That would really be an attractive offer to accumulate more of this shares.
It's subsidiary, Tencent Music Entertainment has not been spared as well........plunging from a peak of 30 to current 17.80, almost 50% fall and the selling looks not quite done.
I believe this is a short term correction and we will soon this company recover soon. Be patient for now as it roughs it through the dark valley....
From Alibaba hefty penalty, we are now seeing the Chinese government going after Tencent.
We could possibly see the 600 support for Tencent to breakdown and if it does, then we expect
the next level of support to be the 500 level. That would really be an attractive offer to accumulate more of this shares.
It's subsidiary, Tencent Music Entertainment has not been spared as well........plunging from a peak of 30 to current 17.80, almost 50% fall and the selling looks not quite done.
I believe this is a short term correction and we will soon this company recover soon. Be patient for now as it roughs it through the dark valley....
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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.