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mid-cap

One NYSE– Listed Online Services ADR at Resistance Levels: Tencent Music Entertainment Group

Mar 22, 2024 | Team Kalkine
One NYSE– Listed Online Services ADR at Resistance Levels: Tencent Music Entertainment Group

TME:NYSE
Investment Type
Mid - Cap
Risk Level
Action
Rec. Price (US$)

Tencent Music Entertainment Group

Company Overview: Tencent Music Entertainment Group (NYSE: TME) is a holding company mainly engaged in the provision and operation of online music entertainment platform. The Company is mainly engaged in the provision of online music services, social entertainment services and other services. The Company operates four major product brands, QQ Music, Kugou Music, Kuwo Music and WeSing, through which the Company provides online music and social entertainment services to address the music entertainment needs of audience in China.

As per our previous US Daily report published on ‘TME’ on 07th February 2024, Kalkine provided a ‘Buy’ stance on the stock at USD 9.70 based on price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis and the stock price has now moved by ~14.95% since then and the price has achieved resistance 1 and closing towards resistance 2 level.

Noted below are the details of support and resistance levels provided in our previous report:

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