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Year-to-date, risk assets OUTSIDE of the United States have started to catch a bid, with Chinese stocks being some of leading performers. This interest from global markets may be supportive of our view around Tencent where the target of HK$611 was measured off the weekly chart, having been recognized by the development of inverse head and shoulder technical formation.
(It's taken 18 months for the move to get going, however, we could finally be getting going...). Thus far, the share has advanced from HK$354 to HK$474.
Now +33%.
Most recently (09 July) we also discussed Tencent, with both short term targets being reached.
Previous Post: Tencent Holdings (700) | Wednesday, 02 August 2023
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Published pre-market the Asian session.
Lester Davids
Analyst: Unum Capital
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