China HongX 290708

After breaking the uptrend support on 25 jul, China Hongxing today broke the uptrend support (low blue) again, and formed a Bearish Gravestone Doji, (as the trend prior to the Gravestone Doji was an uptrend). We now have even more people 'trapped' above the 0.495 resistance (pink ...).

Moreover, if we take into account 23 jul being the 1st day breakout, tomorrow would be the first T + 5 day. If China Hongxing doesn't break the 0.495 resistance (pink ...) soon, I don't see the 0.475 support (red --) holding on for long.

If the 0.475 support (red -- ) breaks, we could see China Hongxing testing the 0.460 (green --) support. If the reverse happens, China Hongxing has an even bigger resistance to overcome - the long term downtrend resistance (upp grey).

We should see some action by end of this week!



For tomorrow :

Support @ 0.485 (light blue ...), 0.475 (red --), 0.460 (green --), 0.450 (blue ...), 0.440 (blue --)
Resistance @ 0.493 (low blue), 0.495 (pink ...), 0.510 (upp grey), 0.520 (pink --)0.542 (upp blue)