TENCENT HOLDINGS LTD Stock Forecast
Evaluation of TENCENT HOLDINGS LTD stock downgraded after the last trading session.
(Updated on Mar 27, 2024)
The TENCENT HOLDINGS LTD stock price gained 3.08% on the last trading day (Wednesday, 27th Mar 2024), rising from $37.60 to $38.76. It has now gained 5 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 2.21% from a day low at $38.00 to a day high of $38.84. The price has risen in 7 of the last 10 days and is up by 3.35% 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, 120 thousand more shares were traded than the day before. In total, 124 thousand shares were bought and sold for approximately $4.79 million.
The stock has broken the horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $37.03 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 $40.29 sometime during the next 3 months.
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TCTZF Signals & Forecast
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 $37.05 and $36.29. 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 13.77%. 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
On the downside, the stock finds support just below today's level from accumulated volume at $36.25 and $35.55. 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 LTD finds support just below today's level at $36.25. If this is broken, then the next support from accumulated volume will be at $35.55 and $34.11.
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 $0.84 between high and low, or 2.21%. For the last week, the stock has had daily average volatility of 3.27%.
Our recommended stop-loss: $37.02 (-4.48%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (TCTZF) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect TENCENT HOLDINGS LTD to open at $38.53, and during the day (based on 14 day Average True Range), to move between $37.42 and $40.10, which gives a possible trading interval of +/-$1.34 (+/-3.45%) up or down from last closing price. If TENCENT HOLDINGS LTD takes out the full calculated possible swing range there will be an estimated 6.91% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $36.25, some $2.51 (6.47%) from the current price of $38.76, our system finds the risk reward attractive.
Is TENCENT HOLDINGS LTD stock A Buy?
TENCENT HOLDINGS LTD holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for TENCENT HOLDINGS LTD of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$38.53 ( 0.579%) | $38.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TCTZF
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 39.37 | 1.59 % | |
R2 | 39.05 | 0.761 % | ||
R1 | 38.85 | 0.249 % | ||
Current price: | 38.76 | |||
Support | S1 | 38.21 | -1.41 % | |
S2 | 38.01 | -1.92 % | ||
S3 | 37.69 | -2.75 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 38.76 | |||
Support | S1 | 36.25 | -6.47% | |
S2 | 35.55 | -8.27% | ||
S3 | 34.11 | -11.99% |
TCTZF Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | May 17, 2024 | May 17, 2024 | May 31, 2024 | $0.434 | 1.12% |
2 | May 19, 2023 | May 19, 2023 | May 19, 2023 | $0.307 | 0.719% |
3 | May 20, 2022 | May 20, 2022 | Jun 01, 2018 | $0.204 | 0.390% |
4 | May 24, 2021 | May 24, 2021 | May 24, 2021 | $0.206 | 0.270% |
5 | May 15, 2020 | May 15, 2020 | May 15, 2020 | $0.155 | 0.287% |
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