Tencent Holdings Limited Stock Forecast
Tencent Holdings Limited stock price ended at HK$369.20 on Tuesday, after losing 0.86%.
(Updated on Jul 02, 2024)
The Tencent Holdings Limited stock price fell by -0.86% on the last day (Tuesday, 2nd Jul 2024) from HK$372.40 to HK$369.20. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.01% from a day low at HK$365.20 to a day high of HK$376.20. The price has fallen in 7 of the last 10 days and is down by -3.15% for this period. Volume has increased on the last day by 12 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 27 million shares were bought and sold for approximately HK$10.07 billion.
Given the current short-term trend, the stock is expected to rise 22.80% during the next 3 months and, with a 90% probability hold a price between HK$453.40 and HK$540.25 at the end of this 3-month period.
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0700.HK Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Tencent Holdings Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at HK$377.40 and HK$379.19. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 16, 2024, and so far it has fallen -7.00%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Tencent Holdings Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at HK$344.20 and HK$332.40. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Tencent Holdings Limited finds support just below today's level at HK$344.20. If this is broken, then the next support from accumulated volume will be at HK$332.40 and HK$320.40.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved HK$11.00 between high and low, or 3.01%. For the last week the stock has had daily average volatility of 1.96%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (0700.HK) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Tencent Holdings Limited to open at HK$370.20, and during the day (based on 14 day Average True Range), to move between HK$359.91 and HK$378.49, which gives a possible trading interval of +/-HK$9.29 (+/-2.52%) up or down from last closing price. If Tencent Holdings Limited takes out the full calculated possible swing range there will be an estimated 5.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at HK$377.40 (2.22%) than the support at HK$344.20 (6.77%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Tencent Holdings Limited stock A Buy?
The Tencent Holdings Limited stock holds several negative signals and despite the positive trend, we believe Tencent Holdings Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -1.755 Sell Candidate Unchanged
Predicted Opening Price for Tencent Holdings Limited of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| HK$370.20 ( 0.271%) | HK$369.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0700.HK
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 381.20 | 3.25% |
| R2 | 377.00 | 2.11% |
| R1 | 374.40 | 1.41% |
| Price | 369.20 | |
| S1 | 366.00 | -0.87% |
| S2 | 363.40 | -1.57% |
| S3 | 359.20 | -2.71% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 397.00 | 7.53% |
| R2 | 395.00 | 6.99% |
| R1 | 377.40 | 2.22% |
| Price | 369.20 | |
| S1 | 344.20 | -6.77% |
| S2 | 332.40 | -9.97% |
| S3 | 320.40 | -13.22% |
0700 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 17, 2024 | May 17, 2024 | May 31, 2024 | HK$3.40 | 0.94% |
| 2 | May 19, 2023 | May 19, 2023 | May 19, 2023 | HK$2.40 | 0.720% |
| 3 | May 20, 2022 | May 20, 2022 | May 20, 2022 | HK$1.60 | 0.478% |
| 4 | May 24, 2021 | May 24, 2021 | May 24, 2021 | HK$1.60 | 0.296% |
| 5 | May 15, 2020 | May 15, 2020 | May 15, 2020 | HK$1.20 | 0.309% |
FAQ
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