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Disclaimer:-Please note that all such analysis is provided by way of information only. All of the information was and should be taken as having been prepared for the purpose of reference only and that none were made with regard to any specific investment objective, financial situation or the needs of any particular person who may receive the analysis. Any recommendation or advice that may be expressed in or inferred from such analysis therefore does not take into account and may not be suitable for your investment objective.

Sunday, February 24, 2008

China HongX 220208

After breaking out of the downtrend resistance (upp red) on 18 feb, China Hongx weakened, probably due to profit taking. It is still above the downtrend resistance (upp red) though.

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Last friday (22 feb) saw China Hongx opening below the short term uptrend (low green --) but still managing to close above it.

If it continues trading in the downtrend channel (pink), which I think it would, we might see China Hongx testing the reversal point of 0.605 (12 feb).

For monday :

Support @ 0.678 (low green --), 0.628 (low pink), 0.604 (upp red)
Resistance @ 0.694 (upp pink), 0.711 (upp green --), 0.730 (low green)

Good Luck !!
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