Naspers | Daily Analysis | 07-Dec

Trader Type: Short Term/Active

Tencent (HK): +1.92% (07:15am SA Time)

Chinese Tech ETFs (US Market). Monday, 06-Dec.

KWEB: +3.91%
CQQQ: +2.22%

Yesterday's Value and Volume:

Value Traded: +R1.93bn
Volume: 786k shares

Chart Time Frame: 30-Minutes

How I'm Seeing It: Yesterday's the share advanced by R70 off our provisional pre-market buy range of R2410-2417. Low of day = 2410 to a high of R2480 before retracing an closing at R2461. Chinese tech stocks rebounded strongly in the US last night and with Tencent higher by +1.92% in HK, we could see the strength in NPN continue. Intraday, the R2500 level is the most visible 'next' technical resistance zone however a print above this psychological level sets up potential for a move above R2520 and as high as R2566 (recent swing highs and near the 1-hour 200-day SMA). Notice how the price retraced toward the 0.618% Fibonacci (R2442) level late yesterday afternoon before rebounding again into the close?

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.

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