In today’s briefing:
- Tencent Holdings Ltd (700 HK) – Critical Weekly Close Awaits – 302/330 Buy Zone Achieved in May
- SPX Forming Coiled Spring Between 4200 and 4050; 10Y/2Y Treasury Spread Suggests Recession Close
Tencent Holdings Ltd (700 HK) – Critical Weekly Close Awaits – 302/330 Buy Zone Achieved in May
- 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.
- Our multi-quarter outlook for Tencent Holdings Ltd (700 HK) remains extremely bullish with a multi-quarter target towards 451.95. In April we identified the 302/330 range as a potential buy zone.
- The recent low of 323.20 has preceded an impulsive bullish daily confirmation. This week we await a bullish weekly close (above 343.99) to confirm a renewed MT uptrend bias.
SPX Forming Coiled Spring Between 4200 and 4050; 10Y/2Y Treasury Spread Suggests Recession Close
- We continue believe that upside is limited with the S&P 500 testing the top-end of our anticipated 2023 trading range (4165-4200).
- Our gameplan remains unchanged; reduce risk near resistance (where we are now) and add risk near support (the December 2022 lows at 3765 and/or the 2022 lows at 3490).
- A break above 4200 on the SPX would likely mean a test of 4300-4325, which we would view as a selling opportunity. A break below 4050 would kickstart a pullback.
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