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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.

Sunday, June 8, 2008

China HongX 060608

China Hongxing broke the 0.580 support (blue --) and uptrend support (low blue) on 5 june. It also tested the long term downtrend support (low red) twice - on 5 and 6 june. China Hongxing seems to have found temporary support at 0.565 but based on the volume distribution, I don't think that support is strong.

The next major support based on volume distribution would be at around the 0.535 level (light blue --). If that support breaks, we might see China Hongxing testing new lows like it did in march.

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For monday :

Support @ 0.564 (low red), 0.543 (low grey), 0.535 (light blue --), 0.530 (low pink)
Resistance @ 0.575 (upp pink), 0.580(blue --), 0.588 (low blue), 0.590 (mid red, green --), 0.610 (upp blue, blue ...)

Hope you find my analysis helpful. Thank you !!
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