China Hongx 231208

China Hongxing went downhill after failing to break the 0.230 neckline (red --) on 11 dec, even forming a Gravestone Doji on 15 dec, which usually meant a reversal in an uptrend.

After the Gravestone Doji, China Hongxing went on to break several supports, trading within the long term (red) and short term (pink) downtrend channels. China Hongxing also tested the 0.180 support (lightblue ...), which coincided with the downtrend support (low pink).

Moreover, today's breakdown was accompanied with a surge in volume compared to the past few days. Almost 42m was done at the 0.185 level, with 16m selldowns and 26m buy ups.

Since nov, China Hongxing has now tested the 0.180 support twice - 26 nov and 2 dec. We could see some action for China Hongxing this week as the long term downtrend resistance (upp red) meets the uptrend support (low blue) at the 0.185 level.

If the 0.180 support (lightblue ...) holds, we could see China Hongxing testing the 0.200 resistance (blue --). However, if the 0.180 breaks (for the third time), we could see China Hongxing re-testing the 0.160 level.


For tomorrow :

Support @ 0.188 (low blue), 0.185 (red ...), 0.180 (lightblue ...), 0.175 (low pink), 0.170, 0.165
Resistance @ 0.190 (upp red, lightblue --), 0.195, 0.200 (blue --), 0.202 (upp pink), 0.205 (upp blue, green --)