China HongX 150708

Following the breakout on 11 jul, China Hongxing managed to trade above the 0.480 support (red --), and even tested the uptrend resistance (upp blue).

However, the uptrend was short-lived as we saw China Hongxing breaking the 0.480 support and even closing below the long term downtrend support-turned-resistance (upp grey).

Given the volatile nature of the market recently, I won't be surprised to see China Hongxing opening below the long term downtrend resistance (upp grey) tomorrow. We could still see China Hongxing testing the 0.480 resistance (red --) momentarily tomorrow.

If China Hongxing breaks the uptrend support (low blue), which is very likely, we could see it testing the 0.450 support (blue ...).



For tomorrow :

Support @ 0.4725 (upp grey), 0.465 (low blue), 0.450 (blue ...), 0.440 (low grey, blue --)
Resistance @ 0.480 (red --), 0.495 (mid blue, pink ...), 0.510 (upp blue)

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