25 Jun

Why Tencent Music Entertainment Stock Is Up Over 14.0% This Month

WRITTEN BY Aditya Raghunath

Tencent Music Entertainment’s returns

Shares of Tencent Music Entertainment (TME) were publicly listed in December 2018. The stock closed trading at $14.0 per share on December 12, 2018.

TME has generated returns of 14.3% in June. Despite its recent rally, it’s fallen 16.4% since April this year. TME is currently trading at $15.13 and is up 14.5% YTD (year-to-date).

In comparison, the SPDR S&P 500 ETF (SPY) has risen 4.3% in the last four weeks and 5.7% in the last three months. SPY is up 18.6% YTD. The Invesco QQQ Trust, Series 1 ETF (QQQ) has risen 5.6% in the last four weeks and 5.6% in the last three months. QQQ is up 22.2% YTD.

What do the technical indicators suggest?

TME is trading at $15.13, which means that it’s trading at the following levels:

  • 7.5% below its 100-day moving average of $16.35
  • 1.9% below its 50-day moving average of $15.42
  • 7.8% above its 20-day moving average of $14.03

RSI and MACD

TME has an MACD (moving average convergence divergence) score of 0.76. A stock’s MACD marks the difference between its short-term and long-term moving averages. TME’s positive MACD score indicates an upward trading trend.

TME stock has a 14-day RSI (relative strength index) score of 57, which shows that its stock is trading closer to overbought territory. An RSI score of above 70 indicates that a stock is overbought, while an RSI score of below 30 indicates that a stock is oversold.

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