Trader Type: Intraday/Active
Tencent (HK): -1.32% (08:14am SA Time)
Chinese Tech ETFs (US Market). Friday, 17 Dec.
KWEB: -0.20%
CQQQ: -1.35%
Chart Time Frame: 1-Hour
Last: 236470c
How I'm Seeing It: On Friday, the share rebound briefly off our initially support zone of R2411, trading higher by R39 intraday to R2450 before continuing it's decline for the rest of the session. With equities sharply lower in Asia this morning and Tencent continuing to make lower lows and lower highs (-1.05%), we can expect further weakness in NPN. The R2411 support level has been lost, with a close of R2364.70. Next support is around the R2290-2317 range, which is the prior swing lows of August to September. On the upside, R2429-R2445 should be a resistance zone.
Disclaimer: The above analysis should not be considered as a trading or investment recommendation.
Disclosure: No position held.
In addition to NPN, I also provide short term trading analysis on other large cap JSE stocks including but not limited to FSR, SOL, MTN and AGL. In the offshore space, I focus on, but not limited to, the S&P 500, Nasdaq 100 and EuroStoxx 50 while also tracking USDZAR, EURUSD, DXY, USDJPY and AUDJPY among others in the FX arena.
For more insights and real-time ideas, get in touch today.
Tencent (HK): -1.32% (08:14am SA Time)
Chinese Tech ETFs (US Market). Friday, 17 Dec.
KWEB: -0.20%
CQQQ: -1.35%
Chart Time Frame: 1-Hour
Last: 236470c
How I'm Seeing It: On Friday, the share rebound briefly off our initially support zone of R2411, trading higher by R39 intraday to R2450 before continuing it's decline for the rest of the session. With equities sharply lower in Asia this morning and Tencent continuing to make lower lows and lower highs (-1.05%), we can expect further weakness in NPN. The R2411 support level has been lost, with a close of R2364.70. Next support is around the R2290-2317 range, which is the prior swing lows of August to September. On the upside, R2429-R2445 should be a resistance zone.
Disclaimer: The above analysis should not be considered as a trading or investment recommendation.
Disclosure: No position held.
In addition to NPN, I also provide short term trading analysis on other large cap JSE stocks including but not limited to FSR, SOL, MTN and AGL. In the offshore space, I focus on, but not limited to, the S&P 500, Nasdaq 100 and EuroStoxx 50 while also tracking USDZAR, EURUSD, DXY, USDJPY and AUDJPY among others in the FX arena.
For more insights and real-time ideas, get in touch today.
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.
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.