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Tencent Music Entertainment Group
Tencent Music Entertainment Group (NYSE: TME) Tencent Music Entertainment Group is a holding company primarily focused on operating an online music entertainment platform. It offers online music services, social entertainment services, and other related offerings. The company features four main product brands—QQ Music, Kugou Music, Kuwo Music, and WeSing—providing online music and social entertainment to meet the music entertainment needs of audiences in China.
As per our previous report published on ‘TME’ on 24th September 2024, Kalkine provided an ‘Buy’ stance on the stock at USD 11.23 based on fundamental analysis and the stock price has now moved by ~22.26% since then and is trading above resistance 2.
Noted below are the details of support and resistance levels provided in our previous report:
TME’s Daily Chart
Considering the current trading levels, stock crossed both the R1 and R2 provided in the Buy report, escalated tension in the middle east and volatile market conditions a ‘Sell’ rating is assigned to the ‘TME’ at the closing market price of USD 13.73 as of Oct 02, 2024.
Note: This report may be updated with details around fundamental and technical analysis, price chart in due course, as appropriate.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is Oct 02, 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.
Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
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