Tencent Music Entertainment may fall to 11.30 - 12.00

Our pivot point stands at 15.4.

Our preference

Target 12.

Alternative scenario

Above 15.4, look for 16.5 and 17.2.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the stock is trading under its 20 day moving average (14.6955) but above its 50 day moving average (13.1424).

Supports and resistances

17.2 **

16.5 *

15.4 **

14.9

14.07 (USD-last)

12.6

12 **

11.3 *

10.7 **

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