Tencent currently in a consolidation phase.
As a general rule, during a consolidation phase we would want to look for 2-3 bounce from 20/50EMA. Based on the chart, 2 strong bounce were sighted with a healthy pull back. Now it is reaching at near resistance 540.
Suggest to wait if it breakout from the resistance or to look for the 3rd bounce.
Disclaimer
This is just a trading ideas, not a financial advice or a buy/ sell call. Please trade at your own risk.
As a general rule, during a consolidation phase we would want to look for 2-3 bounce from 20/50EMA. Based on the chart, 2 strong bounce were sighted with a healthy pull back. Now it is reaching at near resistance 540.
Suggest to wait if it breakout from the resistance or to look for the 3rd bounce.
Disclaimer
This is just a trading ideas, not a financial advice or a buy/ sell call. Please trade at your own risk.