Tencent Music Entertainment may rise to 17.10 - 17.90

Our pivot point stands at 13.2.

Our preference

As long as 13.2 is support look for 17.1.

Alternative scenario

The downside breakout of 13.2 would call for 12.1 and 11.4.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The stock could retrace in the short term. Moreover, the stock is below its 20 day moving average (14.4773) but above its 50 day moving average (12.8269).

Supports and resistances

18.6 **

17.9 *

17.1 **

16.4

14.295 (USD-last)

13.6

13.2 **

12.1 *

11.4 **

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