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China Hongxing: Taking a break?

Friday, September 3, 2010

On 1 Sep, I suggested that the technicals were pretty strong and the immediate target of 19.5c seemed attainable.  In the last two sessions, however, volume shrank as price got stuck between resistance turned support of 17c and what is now the near term resistance at 18c.


The MFI is declining and it could decline further to retest the support line which would approximate 50% soon.  This could happen if the volume simply declines further without the price having to decline below 17c.  This is a likely scenario given a picture of constant accumulation as suggested by a rising OBV.  A slowdown in momentum is good as some weaker holders are weeded out.

In case 17c support is broken, there should be a rather strong support at 16c.  This is a many times tested resistance and should be a strong support, if tested.  16c is also where we would find the rising 20dMA in the next session.

Related post:
China Hongxing: Immediate target in sight?

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