Will Prosus Shares (PRX) Break Above Resistance This Month?
Shares of the African company Prosus have been on a bullish trend and the continuous support suggests a break above the resistance zone soon
Quick overview
- Prosus shares have experienced a significant recovery, gaining nearly 300% over the past three years after a steep selloff in 2021.
- The stock has consistently found support at the 50-week SMA during market pullbacks, leading to renewed rallies.
- Currently, Prosus is testing a key resistance zone that has previously hindered its upward movement, raising questions about a potential breakout.
- The company's strong fundamentals and diverse tech portfolio, including major stakes in Tencent and other startups, position it well for future growth.
Shares of the African company Prosus have been on a bullish trend and the continuous support suggests a break above the resistance zone soon.
Strong Long-Term Uptrend Faces Key Test
After a steep selloff from its 2021 highs, the share price of Prosus (JSE: PRX) found a bottom in early 2022 around the 32,500 ZAC mark. From there, the stock began a steady and substantial recovery, with a long-term uptrend that remains intact today. Over the past three years, Prosus shares have gained nearly 300%, delivering substantial returns for long-term investors.
Throughout this uptrend, weekly moving averages—especially the 50-week SMA (yellow)—have acted as reliable support zones during market pullbacks. These areas have consistently attracted buyers, proving to be effective springboards for renewed rallies.
Prosus Share Price Chart Weekly – The 50 SMA Held Again
One such moment occurred after the March 2025 pullback. Last week, Prosus rebounded sharply off the 50 SMA, rallying by nearly 10% early in the week. A similar setup emerged in January when both Naspers and Prosus dropped approximately 10% on the JSE, following concerns related to the US Defense Department’s stance on Tencent Holdings. Despite the dip, Prosus found strong footing near the 50 SMA and surged by 30% from there, peaking soon after.
Now, all eyes are on a familiar resistance zone, which thwarted upside attempts twice in March. The question remains—will the third test finally break through?
A Global Tech Giant With Deep Roots in Tencent?
Prosus is the international internet investment arm of Naspers, a South African-based conglomerate with broad interests in online classifieds, education tech, digital payments, food delivery, and media. Much of Prosus’ success stems from a legendary 2001 investment in Tencent, now one of the world’s most dominant tech companies.
Prosus still holds a major stake in Tencent through Naspers, which significantly contributes to its valuation. Beyond Tencent, Prosus also maintains sizable investments in several major food delivery and tech startups, including:
- 28% of Delivery Hero
- 4% of Meituan, a Chinese food delivery giant
- 25% of Swiggy, India’s prominent food delivery platform
These strategic stakes provide Prosus with exposure to high-growth sectors across Asia and Europe, aligning with long-term digital consumption trends.
Prosus Outlook: Momentum Builds, But Resistance Looms
While Prosus maintains solid fundamentals and a well-diversified tech portfolio, the immediate technical picture hinges on whether the stock can break above the repeated resistance level from March. If the current bullish momentum continues and buyers remain active near the 50 SMA support zone, a breakout could follow—potentially opening the door for a new leg higher in the ongoing uptrend.
As April progresses, investors will be watching closely to see if Prosus can convert upward momentum into a decisive technical breakout.
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