In today’s briefing:
- Tencent 331 Support Pressure
- Wharf Real Estate Investment Co Ltd (1997 HK) – Pending Confirmation of 12% Multi-Month Uptrend
Tencent 331 Support Pressure
- Our Tencent sell from 385 has formed a flat range with a bias to pressure the 331 pivot support to reach our 300-305 buy (cover) target.
- The descending wedge or channel is the dominant chart pattern that will drive the medium term trend. Global and HK bear pressure will influence Tencent near term.
- From the 300 support zone we see a better macro set up that will see the bull wedge mature and break higher once summer turbulence subsides.
Wharf Real Estate Investment Co Ltd (1997 HK) – Pending Confirmation of 12% Multi-Month Uptrend
- At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
- The 2018/2020 downtrend was broken in December 2022. Q1 2023 has delivered a correction and opportunity to enter the uptrend at improved entry levels.
- March has the potential to complete a bullish monthly reversal pattern upon a month end close above 44.89 and confirm a likely multi-month 12% uptrend towards 50.67.
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