Technical Analysis
Two interesting stock charts – Best World and Tencent (12 Oct 18)
By Ernest Lim's investing blog  •  October 12, 2018
Notwithstanding the sea of red in the equity markets for the past couple of days, these two stock charts caught my attention. They are Best World and Tencent. Best World – retreats back to double bottom neckline Best World has dropped 9.2% from an intra-day high of $1.52 on 4 Oct 2018 to close $1.38 on 11 Oct 2018. Based on Chart 1 below, Best World is retreating back to its double bottom neckline of around $1.39. This seems to be a classic “break and re-test” resistance turned support pattern. There is a confluence of supports (50D, 100D and 200D EMA) which increases the probability of the neckline holding. With the exception of 20D EMA, the other EMAs are rising with golden cross formations. Overall, the chart still looks positive despite the 9% slump and the eventual technical measured target remains valid at $1.59. ......
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By Ernest Lim's investing blog
I am an avid investor, trader cum remisier. I am a Chartered Financial Analyst® charterholder, as well as, a Chartered Accountant of Singapore. I have published articles on a wide range of topics on finance and investment, ranging from market / sector outlook, technical analysis and fundamental analysis etc.
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