Expecting Further Upside for Tencent (700:HK)

 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.

Disclaimers apply

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