We indeed saw some action for China Hongxing as it broke the long term downtrend resistance (upp red) with the highest volume since 18 jun (97m). Not only did China Hongxing broke the 0.215 resistance (blue ...), it also tested the 0.225 resistance (pink --).
The bulk of the volume done was at 0.215, with about 15m selling down and 17.9m buying up. The next highest volume done was at 0.205, with about 18.4m selling down and 5.4m buying up.
Although China Hongxing broke the 2 downtrend resistances (upp red, upp pink), it reversed its earlier gains to close right on its opening price, thus forming a Gravestone Doji. As China Hongxing was on the uptrend for the last few days, the formation of a Gravestone Doji may not be a good sign for those longists.
If China Hongxing breaks the 0.205 support (mid blue, green --), we could see it re-testing the 0.190 support (lightblue --). If this support holds, we could see China Hongxing trading between the upp uptrend channel.
For tomorrow :
Support @ 0.205 (mid blue, green --), 0.200 (blue --), 0.195, 0.190 (upp pink, lightblue --), 0.185 (upp red, red ...)
Resistance @ 0.215 (blue ...), 0.225 (pink --), 0.227 (upp blue), 0.230 (red --), 0.245 (pink ...)
Tuesday, December 9, 2008
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment