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.

Friday, November 21, 2008

China Hongx 211108

China Hongxing opened right on the downtrend (mid red) and 0.180 support (lightblue...) before recovering to close above the 0.190 neckline (lightblue --). However, China Hongxing is still trading within the downtrend channel (red).

If China Hongxing continues to trade within the uptrend channel (blue), and above the 0.190 neckline (lightblue --), we could see it testing the 0.205 resistance (blue --) next week, which is also where the downtrend resistance (upp red) meets the uptrend resistance (upp blue).

However, if China Hongxing breaks the 0.180 support, we could see it test the oct lows again.

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For monday :

Support @ 0.190 (lightblue --), 0.183 (low blue), 0.180 (lightblue ...), 0.175 (mid red), 0.170 (green --)
Resistance @ 0.200 (upp blue), 0.205 (blue --), 0.213 (upp red), 0.215 (blue ...)
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