TENCENT (700) Downward Bias

TENCENT (700) Downward Bias - Weekly Chart

HKEX:700 (Weekly Chart) traded below its 8 month old upward trend line with heavy volume sell off seen during the week of March 19th-23rd.

Last week of March, stock price made failed attempt to trade back above the trend line . This became evident that the trend line has turned from support to resistance. Weekly MACD is also trading in bearish momentum.

Applying Fibo, the expected downward target is HK$360-370 level.

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