China HongX 010808

China Hongxing did indeed test the 0.475 support (red --) when it opened below the uptrend support (low blue). However, the buying momentum came in slowly and helped pushed China Hongxing above the 0.485 (lightblue ...) and 0.495 (pink ...) resistances.

We even saw China Hongxing testing the long term downtrend resistance (upp grey) towards the end of the day.

We should see some action for China Hongxing next week as the uptrend support (low blue) meets the long term downtrend support (upp grey) at the 0.490 level.

If China Hongxing opens above the 0.495 level (pink ...) or 0.485 level (ightblue ...), we could see it testing the 0.515 resistance (pink --) next week.



For monday :

Support @ 0.495 (upp grey, pink ...), 0.4865 (low blue), 0.485 (light blue ...), 0.475 (red --), 0.460 (mid grey, green --), 0.450 (blue ...)

Resistance @ 0.510 (mid blue), 0.515 (pink --), 0.525 (upp blue)