Tencent Music Entertainment may fall to 8.00 - 8.70

Our pivot point stands at 12.6.

Our preference

The downside prevails as long as 12.6 is resistance.

Alternative scenario

Above 12.6, look for 13.8 and 14.6.

Comment

The RSI is trading below 30. This could mean that either the stock is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the share stands below its 20 and 50 day moving average (respectively at 13.741 and 14.1868). Finally, Tencent Music Entertainment is trading below its lower daily Bollinger band (standing at 11.77).

Supports and resistances

14.6 **

13.8 *

12.6 **

12.1

11.12 (USD-last)

9.4

8.7 **

8 *

7.3 **

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