The Chinese tech bounce - fast and furious
It's a fast market when it comes to China. Only yesterday did we write on the topic of Chinese tech giants;
"Generally speaking, we saw attempts for some sort of an early bounce in the Asian session. Obviously this is a scared and fragile "process", but given the fact all these tech giants remain extremely oversold, things could easily get violent in a (dead cat) bounce.
The national plunge team isn't going to sit and watch..."Tencent is up 17% from yesterday low print, bouncing right on the trend line. The 200 day moving remains way higher. Despite the huge bounce, the stock remains in oversold territory.BABA managed bouncing on the huge support level we outlined yesterday. The stock has been less punished than many other Chinese giants lately, but that doesn't stop it from surging 7%. Double bottom anyone?Now let's see if this is a dead cat bounce, or if "value" players start chasing Chinese tech soon?
"Generally speaking, we saw attempts for some sort of an early bounce in the Asian session. Obviously this is a scared and fragile "process", but given the fact all these tech giants remain extremely oversold, things could easily get violent in a (dead cat) bounce.
The national plunge team isn't going to sit and watch..."Tencent is up 17% from yesterday low print, bouncing right on the trend line. The 200 day moving remains way higher. Despite the huge bounce, the stock remains in oversold territory.BABA managed bouncing on the huge support level we outlined yesterday. The stock has been less punished than many other Chinese giants lately, but that doesn't stop it from surging 7%. Double bottom anyone?Now let's see if this is a dead cat bounce, or if "value" players start chasing Chinese tech soon?