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.

Sunday, September 14, 2008

China Hongx 120908

Whatever hopes of a major reversal evaporated when China Hongxing broke and closed below the 0.355 support (pink ...) on 9 sep. Further confirmation of a capitulation duly arrived on 11 sep when China Hongxing broke the 1st long term downtrend support (mid grey).

The only support left for China Hongxing is the 2nd long term downtrend support (low grey). We could see China Hongxing trading within the downtrend channel for sometime, unless there are great news from the company to break it out of this spiral.

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For monday :

Support @ 0.290 (green --), 0.280 (low grey)
Resistance @ 0.310 (red --), 0.325 (mid grey), 0.355 (pink ...)0.360 (upp grey)
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