Expecting Further Upside for Tencent (700:HK)
Expecting further upside after Tencent leaves Re-accumulation Phase (Trading Range) possibility entering in Mark Up Phase.
Over the Re-accumulation range, stock showed the transition from supply dominated action to weakening of supply to demand dominated action.
Stock is trading relatively stronger than the broad market ( RS above zero), indicating strength in demand for the stock.
Price trading below $550 level will falsify the Mark Up Phase analysis and stock will reenter trading range.