China HongX 290508

China Hongx continues to trade within the downtrend channel, making new lows everyday. China Hongx also tested the downtrend support (low pink) today, and also closed right on the 0.590 support (green --).



China Hongx's peaks are also getting lower each day. If China Hongx breaks the 0.590 support (green --), the next support, based on the volume distribution, looks to be around 0.570 to 0.580 level (blue --).

Intrestingly, the 0.580 level is also where the the long term downtrend support (low red) and downtrend support (low pink) meets. So we might see a rebound for China Hongx if it hits that level.

For tomorrow :

Support @ 0.590 (low blue, green --), 0.580 (low red, low pink, blue --), 0.570, 0.555
Resistance @ 0.606 (mid red), 0.610 (blue ...), 0.620 (upp pink), 0.626 (upp blue), 0.630 (green ...)

Good Luck !!