Tencent Music Entertainment may rise to 16.80 - 17.40

Our pivot point is at 13.6.

Our preference

As long as 13.6 is support look for 16.8.

Alternative scenario

The downside breakout of 13.6 would call for 12.5 and 11.9.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The stock could retrace in the short term. Moreover, the stock is trading above both its 20 and 50 day moving average (respectively at 14.064 and 12.5126).

Supports and resistances

18.1 **

17.4 *

16.8 **

16.1

14.8 (USD-last)

14

13.6 **

12.5 *

11.9 **

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