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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.

Tuesday, October 7, 2008

China Hongx 071008

There wasn't any recovery for China Hongxing, instead, it continued on its downtrend, breaking the 0.270 support (red...). China Hongxing is now trading very near to the 0.245 support (pink --).

AS you can see from the chart, the downtrend support (mid grey) meets the 0.245 support tomorrow, which means that tomorrow could be a crucial day for China Hongxing.

If the 0.245 support breaks, we could see China Hongxing retreating back towards the 0.200 level (low grey), which was last seen in jun 2006.

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For tomorrow :

Support @ 0.245 (mid grey, pink --), 0.200 (low grey)
Resistance @ 0.270 (red ...), 0.283 (upp grey), 0.285 (green --), 0.302 (grey ...), 0.315 (red --)
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