Market Technician

 Expecting Further Upside for Tencent (700:HK) Expecting further upside after Tencent leaves Re-accumulation Phase (Trading Range) possibility entering in Mark Up Phase. Over the Re-accumulation range, stock showed the transition from supply dominated action to weakening of supply to demand dominated action. Stock is trading relatively stronger than the broad market ( RS above zero), indicating strength in demand for the stock. Price trading below $550 level will falsify the Mark Up Phase analysis and stock will reenter trading range. Disclaimers apply

This coming Tuesday, 13 Oct 20, we will sharing with the trading community how we apply Wyckoff Methodology trading the markets and how this hundred years old technique continues apply in our current market conditions.

  Gold is expected to see further upside with 1st resistance at 1955, also a key resistance for gold, as the level being a previous consolidation area.   We can expect further upside when gold breaks above 1955 with first resistance at 2000, next at 2089, previous high.   The breakout is favored by Wyckoff traders as supply eased with demand building up , which lead to our FFI reading improving and turning positive .   On the macro end, probable new stimulus and a dovish US FED policy favors gold trading higher. Price trading below 1875 will falsify our analysis *Blog Disclaimers apply.