Tencent Music Entertainment may fall to 7.70 - 8.40

11.4 is our pivot point.

Our preference

The downside prevails as long as 11.4 is resistance.

Alternative scenario

The upside breakout of 11.4 would call for 12.5 and 13.2.

Comment

The RSI is trading below 30. This could mean that either the stock is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the stock is trading under both its 20 and 50 day moving average (respectively at 12.5275 and 13.7588).

Supports and resistances

13.2 **

12.5 *

11.4 **

11

10.44 (USD-last)

9

8.4 **

7.7 *

7.1 **

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