Naspers | Daily Analysis | 07-Dec
Trader Type: Short Term/Active
Tencent (HK): +1.92% (07:15am SA Time)
Chinese Tech ETFs (US Market). Monday, 06-Dec.
KWEB: +3.91%
CQQQ: +2.22%
Yesterday's Value and Volume:
Value Traded: +R1.93bn
Volume: 786k shares
Chart Time Frame: 30-Minutes
How I'm Seeing It: Yesterday's the share advanced by R70 off our provisional pre-market buy range of R2410-2417. Low of day = 2410 to a high of R2480 before retracing an closing at R2461. Chinese tech stocks rebounded strongly in the US last night and with Tencent higher by +1.92% in HK, we could see the strength in NPN continue. Intraday, the R2500 level is the most visible 'next' technical resistance zone however a print above this psychological level sets up potential for a move above R2520 and as high as R2566 (recent swing highs and near the 1-hour 200-day SMA). Notice how the price retraced toward the 0.618% Fibonacci (R2442) level late yesterday afternoon before rebounding again into the close?
Disclaimer: The above analysis should not be considered as a trading or investment recommendation.
Disclosure: No position held.
In addition to NPN, I also provide short term trading analysis on other large cap JSE stocks including but not limited to FSR, SOL, MTN and AGL. In the offshore space, I focus on, but not limited to, the S&P 500, Nasdaq 100 and EuroStoxx 50 while also tracking USDZAR, EURUSD, DXY, USDJPY and AUDJPY among others in the FX arena.
For more insights and real-time ideas, get in touch today.
Tencent (HK): +1.92% (07:15am SA Time)
Chinese Tech ETFs (US Market). Monday, 06-Dec.
KWEB: +3.91%
CQQQ: +2.22%
Yesterday's Value and Volume:
Value Traded: +R1.93bn
Volume: 786k shares
Chart Time Frame: 30-Minutes
How I'm Seeing It: Yesterday's the share advanced by R70 off our provisional pre-market buy range of R2410-2417. Low of day = 2410 to a high of R2480 before retracing an closing at R2461. Chinese tech stocks rebounded strongly in the US last night and with Tencent higher by +1.92% in HK, we could see the strength in NPN continue. Intraday, the R2500 level is the most visible 'next' technical resistance zone however a print above this psychological level sets up potential for a move above R2520 and as high as R2566 (recent swing highs and near the 1-hour 200-day SMA). Notice how the price retraced toward the 0.618% Fibonacci (R2442) level late yesterday afternoon before rebounding again into the close?
Disclaimer: The above analysis should not be considered as a trading or investment recommendation.
Disclosure: No position held.
In addition to NPN, I also provide short term trading analysis on other large cap JSE stocks including but not limited to FSR, SOL, MTN and AGL. In the offshore space, I focus on, but not limited to, the S&P 500, Nasdaq 100 and EuroStoxx 50 while also tracking USDZAR, EURUSD, DXY, USDJPY and AUDJPY among others in the FX arena.
For more insights and real-time ideas, get in touch today.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.