Naspers has presented a trade opportunity, and I am looking to go long as the price action has broken out from a descending channel, and a daily close above the 351857c level is supporting my sentiment for a buy.
Tencent Holdings Ltd.
Tencent Holdings Ltd. being a good leading indicator for Naspers is also moving higher from a triangle breakout and is set for a target price of around 480 HKD as seen in chart below.
Take note that with the technical set up, the price might move lower to re-test the breakout area before moving higher from there.
Source: Bloomberg
Naspers Limited (NPN)
With the technical set-up on Naspers, please take note not to enter the trade prematurely as the price action may move lower to re-test the channel breakout before moving higher from there, as in the case with Tencent Holdings Ltd.
Trade: Naspers Limited (NPN)
- Entry (Buy): 362689c
- Stop loss: 343875c
- Target price 1: 385111c
- Target price 2: 414299c
Source: Bloomberg
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