China Hongx 220409

Today is the first time China Hongxing tested the 0.130 support (blue ...) since it broke out from it on 9 apr. As mentioned on 15 apr, the 0.145 (pink --) and 0.150 (pink ...) level saw the highest volume done that day, which is also evident on the volume distribution chart on the left.

What this could mean is that there are alot of stale bulls being caught, unless they've already squared off their positions when China Hongxing broke the 0.145 support yesterday.

As you can see fron the chart, the long term downtrend support (mid pink) meets the uptrend support (low blue) at the 0.130 support (blue ...). If this crucial support breaks, we could see China Hongxing re-visiting the 0.115 support (green --).

The other scenario could see China Hongxing trade sideways between the 0.130 support (blue ...) and 0.145 resistance (pink --) as it attempts to build a base.


For tomorrow :

Support @ 0.130 (blue ...), 0.125 (lightblue ...), 0.120 (red ...), 0.115 (green --), 0.110 (low pink)
Resistance @ 0.1375 (mid blue), 0.145 (pink --), 0.150 (pink ...), 0.1525 (upp blue, upp pink), 0.155 (blue --), 0.160 (red --)