China HongX 080508

After testing the 0.720 neckline (red --) for the past few days, China Hongx still did not managed to trade completely above this resistance level. The highest it hit was 0.745 on 7 may.



China Hongx could be consolidating before making an attempt to break the 0.720 neckline. The attempt could come next week, if China Hongx manages to trade within the uptrend channel (blue).

However, if the uptrend support (low blue) breaks, we might see China Hongx re-visiting the 0.680 level, or even the 0.650 level (blue --).

For tomorrow :

Support @ 0.710, 0.697 (low blue), 0.680 (red ...), 0.650 (blue --), 0.635
Resistance @ 0.712, 0.720 (red --), 0.730 (red ...), 0.740

Good Luck !!