Tencent Holdings Ltd Stock Forecast
Green day on Wednesday for Tencent Holdings Ltd stock after gaining 2.26%
(Updated on Mar 27, 2024)
The Tencent Holdings Ltd stock price gained 2.26% on the last trading day (Wednesday, 27th Mar 2024), rising from $38.05 to $38.91. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.12% from a day low at $38.49 to a day high of $38.92. The price has risen in 6 of the last 10 days and is up by 5.05% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 million more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $117.92 million.
The stock has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $37.63 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $41.30 sometime during the next 3 months.
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TCEHY Signals & Forecast
Mostly positive signals in the chart today. The Tencent Holdings Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $37.35 and $36.40. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 05, 2024, and so far it has risen 14.24%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Tencent Holdings Ltd stock
Tencent Holdings Ltd finds support from accumulated volume at $37.40 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.430 between high and low, or 1.12%. For the last week, the stock has had daily average volatility of 0.90%.
The Tencent Holdings Ltd stock is extremely overbought on RSI14 (78). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: $37.24 (-4.30%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 78 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (TCEHY) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Tencent Holdings Ltd to open at $38.77, and during the day (based on 14 day Average True Range), to move between $38.13 and $39.69, which gives a possible trading interval of +/-$0.777 (+/-2.00%) up or down from last closing price. If Tencent Holdings Ltd takes out the full calculated possible swing range there will be an estimated 4.00% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $37.40, some $1.51 (3.88%) from the current price of $38.91, our system finds the risk reward attractive.
Is Tencent Holdings Ltd stock A Buy?
Several short-term signals are positive and the stock has broken the horizontal trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Tencent Holdings Ltd stock to perform well in the short-term period.
Current score: 2.883 Buy Candidate Unchanged
Predicted Opening Price for Tencent Holdings Ltd of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$38.77 ( 0.351%) | $38.91 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TCEHY
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 39.20 | 0.754 % | |
R2 | 39.04 | 0.332 % | ||
R1 | 38.94 | 0.0709 % | ||
Current price: | 38.91 | |||
Support | S1 | 38.61 | -0.773 % | |
S2 | 38.51 | -1.03 % | ||
S3 | 38.34 | -1.46 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 38.91 | |||
Support | S1 | 37.40 | -3.88% | |
S2 | 36.40 | -6.45% | ||
S3 | 34.98 | -10.10% |
TCEHY Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | May 13, 2023 | May 18, 2023 | Jun 20, 2023 | $0.306 | 0.700% |
2 | Jan 04, 2023 | Jan 04, 2023 | Jun 21, 2022 | $2.26 | 4.70% |
3 | May 14, 2022 | May 19, 2022 | Jun 21, 2022 | $0.205 | 0.425% |
4 | May 19, 2021 | May 21, 2021 | Jun 22, 2021 | $0.206 | 0.278% |
5 | May 14, 2020 | May 14, 2020 | May 14, 2020 | $0.155 | 0.277% |
FAQ
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