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Disclaimer:-Please note that all such analysis is provided by way of information only. All of the information was and should be taken as having been prepared for the purpose of reference only and that none were made with regard to any specific investment objective, financial situation or the needs of any particular person who may receive the analysis. Any recommendation or advice that may be expressed in or inferred from such analysis therefore does not take into account and may not be suitable for your investment objective.

Saturday, August 9, 2008

China HongX 080808

Today is the third time China Hongxing tested the 0.465 support (green --) since 5 aug. It also broke the uptrend support (low blue) today.

What this means is that there is now a greater chance that China Hongxing might break the 0.465 support.

We can also see from the chart that the long term downtrend resistance (upp grey) converging with the uptrend support (low blue) at the 0.475 resistance (red --) around 12 aug. So we might see some action for China Hongxing next week provided the 0.465 support still holds.

If the support breaks, we could even see China Hongxing testing the 0.450 support (blue ...)

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For monday :

Support @ 0.465 (green --), 0.455 (pink --), 0.450 (blue ...), 0.444 (low grey), 0.440 (blue --)
Resistance @ 0.473 (low blue), 0.475 (red --), 0.4805 (upp grey), 0.485 (lightblue ...)
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