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.

Tuesday, June 3, 2008

China HongX 030608

China Hongx continues to make new lows, and we even saw it breaking the 0.580 support (blue --) and testing the downtrend support (low red) today, before closing just 1 bid above the 0.580 support.

After falling below the 0.590 support (green --), China Hongx could find it difficult to break it. It would be even more difficult if it closes below the 0.580 support (blue --), or even break the downtrend support (low red).

Next support based on volume distribution for China Hongx looks to be around the 0.570 - 0.575 level.

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For tomorrow :

Support @ 0.580 (mid pink, low blue, blue --), 0.572 (low red), 0.560 (low grey), 0.553 (low pink)

Resistance @ 0.590 (green --), 0.600 (mid blue, upp pink, mid red), 0.610 (blue ...), 0.627 (upp blue), 0.635 (green ...)

Hope you find my analysis helpful !!
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