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Naspers | Daily Analysis | 06-Dec for JSE:NPN by Lester_Davids

Trader Type: Short Term/Active

Tencent ( HK ): -2.68% (07:16am SA Time)

Chinese Tech ETFs (US Market). Friday, 03-Dec.

KWEB: -6.96%

CQQQ: -3.73%

Friday’s Value and Volume:

Value Traded: +R1.37bn

Volume: 557k shares

Chart Time Frame: 30-Minutes

How I’m Seeing It: On Friday, the share traded at the lower boundary of our buy zone of 2423/2438 before rallying R60 intraday to test an intraday high of R2497. You’ll recall the R2497 level also being the prior resistance/distribution zone which held through Wednesday and Thursday’s session. Late into Friday’s session we also suggested trimming the share (intraday traders) from which we then saw the share price decline R34 in the last 30-min of trading. Last close at R2547, which is also the prior support. As highlighted above, Chinese tech stocks were sold off significantly in the US on Friday and this morning we note Tencent being lower by 2.68%. It’s possible that the past week’s swing lows near R2410 to 2417 is tested. As the session progresses (real-time), I’ll be monitoring if this level is tested and holds, which may provide an opportunity to ‘play’ a rebound.

Disclaimer: The above analysis should not be considered as a trading or investment recommendation.

Disclosure: No position held.

In addition to NPN , I also provide short term trading analysis on other large cap JSE stocks including but not limited to FSR , SOL, MTN and AGL . In the offshore space, I focus on, but not limited to, the S&P 500 , Nasdaq 100 and EuroStoxx 50 while also tracking USDZAR , EURUSD , DXY , USDJPY and AUDJPY among others in the FX arena.

For more insights and real-time ideas, get in touch today.

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