China Hongx 300908

Although China Hongx managed to trade above the 0.315 neckline (red --) after our discussion on 19 sep, it came right smack into the 0.350 resistance (pink ...). I've also added a new long term downtrend resistance (grey ...).

China Hongx then softened considerably yesterday, closing right on the 0.285 support (green --). Today saw China Hongxing testing the 0.245 support (pink --) for the 4th time, before closing on a high, above the 0.285 support (green --).

Has China Hongxing formed a double-bottom?

It is still early days. As you can see from the chart, China Hongxing still has to break the 2 long term downtrend resistances (upp grey, grey ...), and the 0.315 neckline (red --). And also not forgetting the formidable 0.350 resistance (pink ...).

Until then, we could still see China Hongxing forming multiple bottoms. If the each new bottom is higher than the previous one, we could then begin to see China Hongxing slowly reversing.



For thursday :

Support @ 0.285 (green --), 0.270 (red ...), 0.265 (mid grey), 0.245 (pink --), 0.220 (low grey)
Resistance @ 0.3012 (upp grey), 0.315 (red --), 0.320 (grey ...), 350 (pink ...)