Tencent is eyeing to extend its bullish trajectory after breaking past the key resistance with strong volume.
RHB Retail Research (RHB), Market Dateline today (Apr 24) observed that the stock closed above the HKD330 resistance, recording the strongest closing since 16 Nov 2023.
The latest price action confirms a bullish setup. Riding on this momentum, the stock should test the next resistance pegged at HKD350, followed by HKD370.
On the flipside, falling below the HKD300 support would negate the bullish setup.
Hong Kong Exchanges & Clearing is poised to extend the counter-trend rebound after climbing above a key resistance.
RHB observed that the counter has moved past the HKD220 resistance on high volume, with strong bullish momentum in play.
Expect the positive price action to follow through, testing the next resistance at HKD240, followed by HKD255. If the stock breaches the HKD212.20 support, the correction phase would resume.
