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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.

Saturday, February 21, 2009

China Hongx 200209

After trading sideways since end jan, China Hongxing finally broke the uptrend support (low blue) on 16 feb with volume (16m). The next day (17 feb) saw China Hongxing breaking the 0.180 support (lightblue ...) with even more volume (35.7m).

The last time China Hongxing hit the 0.155 level was back in oct last year. It tested the 0.155 level for 3 days before going on a spectacular surge towards the 0.260 level. I doubt we will see a repeat of such a climb for China Hongxing this time.

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For monday :

Support @ 0.153 (mid pink), 0.140 (low pink)
Resistance @ 0.171 (upp pink), 0.180 (lightblue ...)
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