Disclaimer

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.

Monday, April 28, 2008

China HongX 280408

Although China Hongx opened above the long term downtrend resistance (upp black) today, it also succumbed to selling pressure and broke the 0.720 support (red --) and downtrend support (upp red).

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China Hongx also tested the uptrend support (mid blue), before closing just below the downtrend support-turned-resistance (upp red).

If China Hongx opens above the downtrend resistance (upp red) tomorrow, there's a chance it might be able to test and break the 0.720 support-turned-resistance (red --).

If we see China Hongx opening below the downtrend resistance (red --), it could test the uptrend support (mid blue).

Next support could be around the 0.685 level.

For tomorrow :

Support @ 0.702 (mid blue), 0.685, 0.664 (mid black), 0.658 (low red), 0.650 (blue --)
Resistance @ 0.7107 (upp red), 0.720 (red --), 0.745 (upp black), 0.765 (upp blue)
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