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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.

Friday, January 2, 2009

China Hongx 020109

China Hongxing started off the new year right on the 0.185 support (red ...) before breaking the downtrend resistance (upp pink) and closing on the 0.200 resistance (blue --).

However, I wouldn't place too much hope of a break out as volume done was still relatively low - 15.4m done with about half done at 0.195.

As you can see from the chart, ,the 0.185 support (red ...) looks quite good, although volume has been quite low for the past week.

We could see China Hongxing trading sideways between the 0.200 resistance and 0.185 support as it tries to build a base.

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For monday :

Support @ 0.190 (upp pink, lightblue --), 0.185 (red ...), 0.180 (lightblue ...), 0.175
Resistance @ 0.200 (blue --), 0.203 (upp blue), 0.205 (green --), 0.210
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