Watching TCEHY resistance, post-run
Thought I'd throw out my read on $TCEHY. It's had a pretty decent run lately, pushing up over 5% today and hitting 61.99 earlier. The daily chart is starting to look a bit stretched here, and I'm seeing that 62-63 area as a pretty significant resistance zone. It's been tested a few times in the past and held firm, so I'd be cautious about chasing it much higher right now.
My take is that if it can cleanly break and hold above 63 on a daily close, that would invalidate the current resistance scenario and could signal a move towards the mid-60s. However, absent that, I'm leaning towards a potential consolidation or even a minor pullback from these levels. The volume has been decent, but not extraordinary enough to suggest a decisive breakout just yet, at least to my eye. Just something I'm keeping an eye on as we head into the close.
Fair point on the 62-63 resistance. It's held firm before, so a bit of caution there is warranted. Are you seeing any specific reversal candles forming, or just the general overextension?