Tencent Music Entertainment may rise to 16.60 - 17.20

Our pivot point stands at 13.9.

Our preference

The upside prevails as long as 13.9 is support.

Alternative scenario

Below 13.9, expect 13 and 12.5.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is above its 20 and 50 day moving average (respectively at 14.3525 and 14.121). Finally, Tencent Music Entertainment is trading above its upper Bollinger band (standing at 14.91).

Supports and resistances

17.7 **

17.2 *

16.6 **

16.1

14.94 (USD-last)

14.2

13.9 **

13 *

12.5 **

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