technical analysis chart

Technical Analysis of Tencent & Naspers – Update

Since the break below the $266.00 support level Tencent continued to trade lower and is currently testing its $212.00 support level.
A break below the $212.00 support level could potentially lead to a sell off towards the $170.00 support level, in our view.

Since putting out the negative break on the 3rd of October 22, Naspers breached both the ZAR2 065.00 and the ZAR1 875.00 support levels. The share could potentially test the ZAR1 648.00 support level in the short-term, in our view. Keep in mind the share closed the gap when it spiked upwards after the share buyback announcement and could be oversold at present levels.