Tencent’s Mystery Drop Has Traders Eyeing Key Support Level

(Bloomberg) — For anyone wondering why Tencent Holdings Ltd.’s shares are so weak on Wednesday, look at the charts for signs of support.The biggest stock in Asia lost as much as 2% in Hong Kong despite no immediately apparent trigger. Theories circulating round some trading floors included souring sentiment from investors in China, as well as concern that Tencent’s decision to air National Basketball Association games may backfire.The good news is the price is nearing HK$320, which has already provided a floor for declines on three occasions this year. Holding above that support would be a positive sign for investors, …read more

Source:: Yahoo Finance