Tencent (0700.HK) plunged -5.5% this week, broke below the 3-year orange uptrend line, and closed at both the daily and weekly low.
Tencent had failed the orange trendline before at the light blue arrow, but that was an intraday event, and now it is not only a daily event but also a weekly event. That means this time is technically worse.
However, it is only about -3% away from the 7.5-year purple uptrend line, which is also coincided with the blue level of support at about $425. Breaking this may mean “all hell breaks loose” for Tencent.
