Tencent Music Entertainment Group (TME): Price Now Near $15.23; Daily Chart Shows Downtrend on 50 Day Basis

The Hourly View for TME

500 – Internal server error This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 and 200 hour moving averages have been crossed, so that price is now turning below them. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

TME ranks 52nd in terms of today’s price percentage change out of Communication stocks.

TME’s Technical Outlook on the Daily Chart

At the moment, TME’s price is up $0 (0.03%) from the day prior. It’s been a feast for bulls operating on the daily timeframe, as TME has now gone up 4 of the past 5 days. Regarding the trend, note that the strongest trend exists on the 100 day timeframe. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The chart below shows TME’s price action over the past 90 days.

TME

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