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One blog post for the road. :)
I have not had much luck with China Hongxing, having lost some money trading this counter twice in the last few months. I am no longer vested and it seems that things are looking up for this counter. In the last session, China Hongxing broke resistance at 17.5c. This was after closing above the 17c neckline of what is now clearly a double bottom formation on 4 January.
The OBV shows gradual accumulation while the momentum oscillators are all rising. The MACD is rising in positive territory, indicating the return of positive momentum. A higher low on the MFI as it continues to rise suggests firm demand although the RSI has risen into overbought territory. Continuing upmove in price with higher volume could see it test resistance at 20c eventually while 17.5 is immediate support in case of a pull back. Good luck to all who are vested.
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4 comments:
I didnt know u are keen in China HX too, AK! been losing money from this counter :(
Hopefully like u mentioned it will hit 20c or above! :)
Hi AK71
Am I right to say China Hongxing under heavy selling pressure today?
Hi Crystal,
I am not really keen on China Hongxing but I did enter on two occasions for a trade.
Well, testament to the fact that I am not a very good trader, I lost money both times. ;p
I think I said it could read 20c, not will. ;)
Hi ortho,
Let us see. 10 Jan? Formed a doji on heavy volume. Selling pressure? Sure but it seems to be holding up quite well with volume drying up in the following sessions. :)
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