Tencent Music Entertainment may fall to 8.60 - 9.40

Our pivot point stands at 13.2.

Our preference

Target 9.4.

Alternative scenario

The upside breakout of 13.2 would call for 14.5 and 15.4.

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 its 20 day moving average (12.381) but above its 50 day moving average (11.2056).

Supports and resistances

15.4 **

14.5 *

13.2 **

12.6

11.88 (USD-last)

10.2

9.4 **

8.6 *

7.8 **

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