China HongX 090508

After breaking the uptrend support (low blue) today, China Hongx tested the long term downtrend support (red ...) before closing just above it.



As you can see from the volume distribution bars, the 0.745 level proved to be quite a hurdle for China Hongx at the moment. Since now China Hongx has slipped below the uptrend support (low blue), it has to content with an even bigger hurdle from the 0.690 to 0.715 region.

The only consolation is that if China Hongx breaks the long term downtrend support (red ...), there is good support at the 0.650 to 0.660 region.

For monday :

Support @ 0.676 (low red ...), 0.661 (upp red), 0.650 (blue --), 0.629 (low red), 0.610 (blue ...)
Resistance @ 0.705 (low blue), 0.720 (red --), 0.725 (upp red ...), 0.750 (upp blue)

Good Luck !!