China Hongx 071108

Although China Hongxing opened below the 0.205 support (blue --) yesterday, it still managed to close above the 1st long term downtrend resistance (mid red). Today, China Hongxing's opening was higher than yesterday's, and more importantly, it broke the 0.230 resistance (red --) by closing at the 0.235 level (pink --).

However, it remains to be seen if China Hongxing can build on the uptrend momentum, as the 2nd long term downtrend resistance (upp red) meets the uptrend resistance (upp blue) also around the 0.235 level.

We could see the upside of China Hongxing being limited by the 0.235 resistance (pink --) for the time being. However, if China Hongxing manages to break the 0.235 resistance, the next resistance based on the volume chart would be at 0.260 (green --).



For monday :

Support @ 0.230 (red --), 0.215 (blue ...), 0.205 (low blue, blue --), 0.200 (mid red), 0.190 (lightblue --)
Resistance @ 0.235 (pink --), 0.250, 0.260 (green --), 0.270 (red ...)