We can see a similar pattern for Alibaba and Tencent shares in the daily chart. Both are in a consolidation stage and the resistance is hampering the price action to rally further.
I am watching closely this level and any breakup with a bullish signal could be a potential trend reversal to the bullish side.
Patience
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a week has passed and we can see that both counters are still unable to break above the resistance level. Be patient
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another week passed and it is still moving sideways....
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If you study this chart closely, for this quarter, both tech giant has been consolidating at the range and each time it meets the resistance point, it fails to break through.
Could a stronger catalyst be needed to push it upwards ?