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China Hongxing: Target hit.

Wednesday, July 28, 2010

On 24 June, I wrote "With momentum oscillators turning up strongly, we could possibly see 16c tested." Today, China Hongxing hit the breakout target of 16c.  What next?




The OBV shows a sharp increase in accumulation.  No distribution is taking place yet, it seems.  However, MFI and RSI have both pushed into overbought territories. Also, notice the negative divergence between price and volume. A pull back in the near future is not unrealistic. Immediate support is at 14.5c followed by a stronger support at 13.5c. Remember, it's all about probabilities.

What would I do? I would lock in some gains. If I were to stay vested, it would be with a smaller position at this point in time. Congratulations to anyone who made money from this and if you see fit to contribute to my pocket money fund, thank you too. ;)

Related post:
China Hongxing: Breakout.

2 comments:

kk said...

Hi AK71,
China Hongx high at 0.165 today.. any chance for it to trade higher? read from research target price is 0.22

AK71 said...

Hi KK,

I plan on doing a TA for China Hongxing this evening. Watch out for it. :)

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