Tencent: 1st Target Reached + Naspers & Prosus Breakout
- Lester Davids
- Sep 25, 2024
- 1 min read
Wednesday, 25 September 2024.
Time Published: 14h46
Tencent: 1st target reached at HK$416.
Naspers & Prosus - Massive Breakouts as per my notes on Sunday evening.
Chinese Stimulus supportive of the strong price action.
Previous Post: Monday 23 September 2024 (Pre-Market Asian Session i.e. Sunday evening)
Tencent Holdings
Improving candle structure - breakout pending at HK$420.
Naspers (Weekly Chart)
Very positive candle structure.
Multi-year consolidation looks ready to break out over the medium term.
Prosus (Weekly Chart)
Very positive candle structure.
Multi-year consolidation looks ready to break out over the medium term.
Potential target is the previous highs at R900.
(Previous Post: 09 July)
This is an update on Hong Kong-listed, which is the major holding of JSE-listed Naspers/Prosus. A medium/long term review was completed in August 2023, which can be accessed here: https://www.unum.capital/post/tencent-holdings-700-tuesday-01-august-2023
As of 09 July 2024, the share retains a healthy technical structure, having emerged from a channel formation. For just over 2 months, the share has been in a consolidation phase, having developed a flat-bottom triangle formation where a breach of the upper boundary would trigger a buy/long continuation and where a conservative target is HK$416, followed by HK$435. Also note, the share remains above it's rising 21-week exponential moving average, which is a positive technical position.
(Chart as of 07h16 South African Time)
Lester Davids
Analyst: unum Capital
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