Tencent analyst target 12 Oct 18

Two interesting stock charts – Best World and Tencent (12 Oct 18)

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 […]

Best World chart 19 Sep 18

Best World – potential bullish double bottom formation in the making? (19 Sep 18)

This week, Best World has caught my attention. Why is it interesting? a) Chart seems to be in the midst of a double bottom formation Best World has fallen 29% from an intraday high of $1.90 on 19 Mar 2018 to close $1.35 on 19 Sep 2018. It has been trading in a range $1.20 – 1.39 since 15 May 2018. Indicators are mixed with MACD and RSI exhibiting bullish divergences during this period. Except for 200D EMA which is levelling, all other EMAs are rising. 20D has already formed a golden cross formation with 50D EMA. Best World has […]