Tencent Music Entertainment may fall to 12.10 - 12.60

Our pivot point is at 15.3.

Our preference

Under pressure below 15.3.

Alternative scenario

The upside breakout of 15.3 would call for 16.2 and 16.8.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the stock is trading under both its 20 and 50 day moving average (respectively at 14.6995 and 14.6366).

Supports and resistances

16.8 **

16.2 *

15.3 **

15

14.43 (USD-last)

13.2

12.6 **

12.1 *

11.6 **

Number of asterisks represents the strength of support and resistance levels.