TECHNICAL ANALYSIS

Tencent may trend higher after breaking out from its two-week bullish rectangular pattern a few sessions ago. Considering the stock has posted three consecutive white candles and the positive cross of its 20-day EMA above the 50- day EMA two weeks ago, this bullish crossover has enhanced the upward momentum. We expect the rising momentum to steer the stock higher and test the next level of resistance in the near term.

Fundamentals

Net profit is expected to grow at a CAGR of 12% for the next 3 years with strong net margins higher than 27%.

Source: Rakuten Research - 2 Apr 2024

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