Naspers break in uptrend structure - Bearish

21 Feb 2023

After a fantastic long trade with Naspers, it's eventually broken below the Uptrend structure.
This means, the price is now in free fall and is more likely to touch the previous support (brim level of the last Cup and Handle).
7=21 price>200 - Reversal
RSI <50 - Bearish
Target R2,766.00

As always it is correlating with Tencent and Prosus... We saw a sluggish market in Asia session with the banking holiday effect in America.
Hong Kong stocks slump as Chinese tech giants step up rivalries, HSBC in focus as market await corporate earnings boost. The Hang Seng Index declined 1.7 per cent to 20,529.49 at the close of Tuesday trading, the biggest drop in over a week. The Tech Index tumbled 3.6 per cent while the Shanghai Composite Index added 0.5 per cent. The benchmark index has lost nearly 5 per cent in the past two weeks as hedge funds withdrew from the market. With Tencent dropping 4.5% this is why we saw a large breakaway gap with Naspers.

Caution is needed with such volatility.