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China Hongxing: New target.

Wednesday, September 8, 2010

Yesterday, when Edmond asked if we should set a higher target for China Hongxing at 22c, I replied "22c is what could be the eventual target if 19.5c is taken out convincingly (ie. volume has to expand significantly as price rises). However, along the way to 22c, there are many minor resistance levels to overcome."

Well, 19.5c was demolished as the price touched a high of 20.5c before closing at 20c today. This was achieved on very high volume. 20.5c was a resistance level that broke in early January.  Based on Fibo lines, it looks like a minor resistance and we could see 22c tested next (138.2% Fibo line). Congratulations, Edmond. :)

OBV is still rising strongly signalling continuing accumulation. The uptrend in the MFI is intact as it formed higher lows.  Demand is still strong.  It is however on the verge of being overbought but this does not really mean anything apart from suggesting that we stay vigilant, especially with such strong underlying momentum.

This is possibly the reason for the breakout:

Related post:
China Hongxing: Pushing upwards.


Edmond said...

Hi AK71,
Too bad I already sold my share at 0.19 with little profit. On a second thought, do you recommend to buy some more at current price?

AK71 said...

Hi Edmond,

Price could push higher but the chances of a correction is higher now as well. Personally, I never chase. Of course, the choice is yours. :)

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