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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.

Monday, January 19, 2009

China Hongx 190109

China Hongxing continues to trade within the downtrend channel (pink). Although China Hongxing tested the 0.200 resistance (blue --) and uptrend resistance (mid blue), there wasn't enough buying momentum and it closed on the 0.190 support (lightblue --) for the third time. Volume done was only about 20% of yesterday's.

If China Hongxing can maintain trading within the uptrend channel (blue), we could see it trade sideways between the 0.190 support (lightblue --) and 0.200 resistance (blue --) for the time being.

However, if the 0.190 support breaks, we could see China Hongxing test the 0.180 support (lightblue ...).

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For tomorrow :

Support @ 0.190 (lightblue --), 0.185 (low pink, red ...), 0.180 (lightblue ...), 0.175
Resistance @ 0.192 (low blue), 0.195 (red --), 0.200 (mid blue, blue --), 0.205 (green --)
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