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China Hongxing: Breakout.

Saturday, July 24, 2010

The last time I wrote about China Hongxing was on 3 July. At that time, there were still mixed signals.

On Thursday, two sessions ago, there was a buy signal on the MACD histogram and the MFI broke out of its downtrend. Volume expanded 10 times in the last session as price hit a high of 14.5c.  With this, China Hongxing broke out of multiple resistance levels and confirmed the buy signal on the MACD histogram. 11.5c has been established as the bottom while the next resistance is at 16c, as provided by the 200dMA. With momentum oscillators turning up strongly, we could possibly see 16c tested.  Congratulations to those who took the risk to buy some earlier on but bear in mind that it is still trading below the 200dMA and that the longer term trend is still down.

Related post:
China Hongxing: Bottoming?


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