Tencent Music Entertainment may rise to 12.20 - 12.90

Our pivot point is at 9.1.

Our preference

Short term rebound towards 12.2.

Alternative scenario

The downside breakout of 9.1 would call for 8 and 7.4.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the share stands below its 20 and 50 day moving average (respectively at 10.6405 and 12.8122).

Supports and resistances

13.5 **

12.9 *

12.2 **

11.6

10.15 (USD-last)

9.5

9.1 **

8 *

7.4 **

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