On Wednesday, Tencent Music Ent ADR cleared a noteworthy technical benchmark, with its Relative Strength (RS) Rating jumping into the 90-plus percentile with an upgrade to 91, a rise from 86 the day before.
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IBD's unique rating tracks share price performance with a 1 (worst) to 99 (best) score. The grade shows how a stock's price performance over the last 52 weeks compares to all the other stocks in our database.
Over 100 years of market history reveals that the stocks that go on to make the biggest gains typically have an RS Rating north of 80 in the early stages of their moves.
Tencent Music Ent ADR is trying to complete a consolidation with a 15.77 entry. See if the stock can break out in volume at least 40% above average. Be aware that it's a third-stage base. Later-stage patterns can work, but have a greater failure rate since, by that point, the stock has already risen significantly..
While the company's bottom line growth dropped in the company's most recently reported quarter from 43% to 27%, revenue grew 8%, up from 5% in the prior report.
The company holds the No. 6 rank among its peers in the Internet-Content industry group. Full Truck Alliance ADR, Kanzhun ADR and Meta Platforms are among the top 5 highly rated stocks within the group.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
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