Tencent Music Entertainment (TME) Stock Chart Bullish Signal
Shares of Tencent Music Entertainment (TME) are slightly lower on the day as the epic unloading of Archegos Capital holdings continues to hang over the stock. Tencent Music traded as high as $32.00 prior to the Archegos Capital collapse that forced multiple brokers to sell off positions, dropping Tencent Music as much as 50%. While the chart looks nasty, swing traders are getting excited.
Not only is the stock into major support but there is a time count on the daily chart. This sets up for a possible pop higher in the next few days/weeks. Upside could be back to $20.00/share or higher. Other stocks in that were caught up in the Archegos Capital collapse continue to perform the same. IQIYI Inc (IQ), Vipshop (VIPS), Viacom (VIAC) and GSX Techedu (GSX) all have the same setups. In other words, if onegoes, they all likely run higher. Keep this on your radar tomorrow and into next week.
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