Tencent Music Entertainment Group Stock Forecast
Tencent Music Entertainment Group stock price ended at $12.88 on Friday, after gaining 1.58%.
(Updated on Apr 26, 2024)
The Tencent Music Entertainment Group stock price gained 1.58% on the last trading day (Friday, 26th Apr 2024), rising from $12.68 to $12.88. 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 1.69% from a day low at $12.71 to a day high of $12.93. The price has risen in 8 of the last 10 days and is up by 13.28% over the past 2 weeks. Volume fell on the last day by -703 thousand shares and in total, 6 million shares were bought and sold for approximately $76.74 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 $12.92 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 29.50% during the next 3 months and, with a 90% probability hold a price between $14.53 and $16.74 at the end of this 3-month period.
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TME Signals & Forecast
Mostly positive signals in the chart today. The Tencent Music Entertainment Group 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 $12.16 and $11.34. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 14.59%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Tencent Music Entertainment Group stock
Tencent Music Entertainment Group finds support from accumulated volume at $12.32 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 $0.215 between high and low, or 1.69%. For the last week, the stock has had daily average volatility of 3.16%.
Our recommended stop-loss: $12.48 (-3.08%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (TME) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Tencent Music Entertainment Group to open at $12.84, and during the day (based on 14 day Average True Range), to move between $12.49 and $13.27, which gives a possible trading interval of +/-$0.391 (+/-3.04%) up or down from last closing price. If Tencent Music Entertainment Group takes out the full calculated possible swing range there will be an estimated 6.08% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $12.32, some $0.560 (4.35%) from the current price of $12.88, our system finds the risk reward attractive.
Is Tencent Music Entertainment Group stock A Buy?
Tencent Music Entertainment Group holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 5.768 Strong Buy Candidate Unchanged
Predicted Opening Price for Tencent Music Entertainment Group of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $12.84 ( 0.323%) | $12.88 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TME
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 13.05 | 1.35 % | |
| R2 | 12.97 | 0.708 % | ||
| R1 | 12.92 | 0.314 % | ||
| Current price: | 12.88 | |||
| Support | S1 | 12.76 | -0.96 % | |
| S2 | 12.71 | -1.36 % | ||
| S3 | 12.62 | -1.99 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 12.88 | |||
| Support | S1 | 12.32 | -4.35% | |
| S2 | 11.69 | -9.24% | ||
| S3 | 11.04 | -14.29% |
FAQ
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