China HongX 040708

There was indeed action for China Hongxing today. Initially, China Hongxing was moving towards testing the downtrend resistance (upp pink). However, selling pressure soon took over and we saw China Hongxing breaking the uptrend support (low blue).

After lunch, even more selling pressure pushed China Hongxing lower and it broke the 0.425 support (green --), before recovering towards the end of the day to close right on the 0.425 support.

China Hongxing has now been on the downtrend since the beginning of May. And if China Hongxing fails to close above the 0.425 support (green --) next week, we could see it test the long term downtrend support (low grey).



For monday :

Support @ 0.425 (green --), 0.405 (20 mar low), 0.390 ((low grey, low pink)
Resistance @ 0.435 (low blue), 0.440 (upp pink, blue --), 0.450 (blue ...), 0.460 (upp blue), 0.480 (red --)

Hope you find my analysis helpful. Thank you for your support !!