Tencent Music Entertainment may rise to 17.70 - 18.40

14.2 is our pivot point.

Our preference

The upside prevails as long as 14.2 is support.

Alternative scenario

Below 14.2, expect 13 and 12.4.

Comment

The RSI is above 70. It could mean either that the stock is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is above its 20 and 50 day moving average (respectively at 13.4585 and 12.078).

Supports and resistances

19.1 **

18.4 *

17.7 **

17

15.42 (USD-last)

14.6

14.2 **

13 *

12.4 **

Number of asterisks represents the strength of support and resistance levels.