Disclaimer

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.

Tuesday, August 26, 2008

China HongX 260808

China Hongxing today tested the 1st long term downtrend support (low grey) before closing right on the 0.355 support (pink ...), forming a Dragonfly Doji.

Since China Hongxing has been on a downtrend prior to this Dragonfly Doji, technically, the Dragonfly Doji should indicate a reversal. Of course, the reversal indication would require a confirmation tomorrow.

We would need to see China Hongxing ideally gapping up and stay above at the least the 0.355 support (pink ...).

On the other hand, if China Hongxing breaks the 1st long term downtrend support (low grey), we could see it test the 0.320 level as indicated by the 2nd long term downtrend support (upp red).

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For tomorrow :

Support @ 0.355 (pink ...), 0.342 (low grey), 0.320 (upp red), 0.300 (low red)
Resistance @ 0.375 (lightblue ...), 0.388 (mid grey), 0.405 (lightblue --)
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