China HongX 220708

China Hongxing closed right on the uptrend support today. We are somewhat at a crossroad for China Hongxing. As you can see from the chart, the long term downtrend resistance (upp grey) meets the uptrend support tomorrow at around the the 0.485 level.

Given that China Hongxing has been trading sideways recently, and there being a breakout on 11 jul, the chances of China Hongxing breaking out again is quite slim. Moreover, the 0.495 resistance (pink ...) has proved quite stubborn so far. However, based on volume distribution, the 0.475 support (red --) has also been quite resilient so far.

Therefore, we could still be looking at China Hongxing consolidating (trading sideways) further for the time being. If China Hongxing does break the 0.495 resistance (pink ...), do confirm with an increase in volume. Likewise for a breakdown in the 0.475 support (red --).



For tomorrow :

Support @ 0.475 (red --), 0.460 (green --), 0.450 (low grey, blue ...), 0.440 (blue --)
Resistance @ 0.485 (low blue, upp grey), 0.495 (pink ...), 0.515 (upp blue), 0.520 (pink --)