Trade Naspers & Prosus with Unum Capital.
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Sharp drop in line with the price action model (time-stamped).
Today's move was typical of what you'd see when sizeable transaction is announced. Both Naspers and Prosus down big + Tencent lower in Hong Kong this morning. No surprise as the price action model (taken on Friday evening) was on point once again, warning about the poor reward-to-risk. For the traders on our desk, there was a warnings in the 3 days prior to Friday's peak.
Previous Post: Tencent | Naspers | Prosus (Friday after the market close)
Previous Post: Trading Tencent: Now +33% & Technical Target
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
For an enlarged view, click on the arrows in the top right corner of the image
Published pre-market the Asian session.
Lester Davids
Analyst: Unum Capital
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