Support 1: 345.73 Resistance 1: 318.33
Support 2: 400.00
We expect a bearish move for Tencent. The stock has completed its 5 wave bullish rally. It is on a minor upward wave right now before entering into a corrective phase. Based on the following technical factors, we believe that the stock will resume its bearish move.
Red line = 200 periods moving average
Blue line = 50 periods moving average
Green line = 22 periods moving average