Tencent Holdings Limited Stock Forecast
Tencent Holdings Limited stock downgraded to Buy Candidate
(Updated on Apr 25, 2024)
The Tencent Holdings Limited stock price fell by -1.39% on the last day (Thursday, 25th Apr 2024) from HK$344.20 to HK$339.40. During the last trading day the stock fluctuated 2.97% from a day low at HK$336.40 to a day high of HK$346.40. The price has fallen in 6 of the last 10 days but is still up by 7.75% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -14 million shares and in total, 28 million shares were bought and sold for approximately HK$9.41 billion.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at HK$344.91 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 13.90% during the next 3 months and, with a 90% probability hold a price between HK$332.72 and HK$392.86 at the end of this 3-month period.
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0700.HK Signals & Forecast
The Tencent Holdings Limited 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 HK$320.77 and HK$299.50. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -1.39%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
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$303.80 and HK$290.80. 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$303.80. If this is broken, then the next support from accumulated volume will be at HK$290.80 and HK$288.80.
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 HK$10.00 between high and low, or 2.97%. For the last week, the stock has had daily average volatility of 3.10%.
Our recommended stop-loss: HK$325.32 (-4.15%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (0700.HK) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Tencent Holdings Limited to open at HK$340.73, and during the day (based on 14 day Average True Range), to move between HK$330.03 and HK$348.77, which gives a possible trading interval of +/-HK$9.37 (+/-2.76%) up or down from last closing price. If Tencent Holdings Limited takes out the full calculated possible swing range there will be an estimated 5.52% 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$344.20 (1.41%) than the support at HK$303.80 (10.49%), 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?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Tencent Holdings Limited stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 2.635 Buy Candidate Downgraded
Predicted Opening Price for Tencent Holdings Limited of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| HK$340.73 ( 0.393%) | HK$339.40 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 350.73 | 3.34 % | |
| R2 | 346.91 | 2.21 % | ||
| R1 | 344.55 | 1.52 % | ||
| Current price: | 339.40 | |||
| Support | S1 | 336.91 | -0.733 % | |
| S2 | 334.55 | -1.43 % | ||
| S3 | 330.73 | -2.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 344.20 | 1.41 % | ||
| Current price | 339.40 | |||
| Support | S1 | 303.80 | -10.49% | |
| S2 | 290.80 | -14.32% | ||
| S3 | 288.80 | -14.91% |
0700 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 17, 2024 | May 17, 2024 | May 31, 2024 | HK$3.40 | 1.00% |
| 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 | 0.454% |
| 4 | May 24, 2021 | May 24, 2021 | May 24, 2021 | HK$1.60 | 0.273% |
| 5 | May 15, 2020 | May 15, 2020 | May 15, 2020 | HK$1.20 | 0.285% |
FAQ
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