China Hongxing

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14 years 7 months ago #3609 by AK71
China Hongxing was created by AK71
Limited downward pressure allowed China Hongxing to bottom at 14c. Its price made a bullish move up to touch a high of 16.5c before closing at 16c on 7 April on the back of very high volume. The 20dMA has been rising gently and the counter has been trading above it since 7 April. Immediate support is now at 15c, provided by the 20dMA. Immediate resistance is at 15.5c, provided by the descending 50dMA. Since 8 April, volume has been reducing as price was capped by the declining 50dMA. Yesterday, volume expanded as price broke resistance to touch 16c but ultimately closed at 15.5c. The MACD has been rising and seems poised to cross zero to herald the return of positive momentum. Strictly speaking, I do not see a buy signal yet. However, technically, this counter might be prime for a breakout. A breakout would see the 100d and 200d MAs acting as resistance at 17.5c and 18.5c respectively. Might the current setup be good for a trade? Chart: singaporeanstocksinvestor.blogspot.com/2...me-for-breakout.html

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14 years 7 months ago #3612 by myhyip4me
Replied by myhyip4me on topic Re:China Hongxing
Hi AK71 Are u investing in this counter at 15c as well? :P

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14 years 7 months ago #3613 by AK71
Replied by AK71 on topic Re:China Hongxing
Hi myhyip4me, I\'ve bought a small position. ;) The downside seems limited and the potential upside is too tempting to ignore. :P

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14 years 7 months ago #3620 by AK71
Replied by AK71 on topic Re:China Hongxing
Closed 0.5c lower on lower volume. Signs are still good that this counter is probably prime for a breakout. Price action is now trapped between the 50dMA (15.5c) and the 20dMA (15c) in a crab-like pincer. Going by the rising MFI and OBV since 30 March, the chances are good that price is likely to move higher.

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14 years 7 months ago #3621 by lrsy
Replied by lrsy on topic Re:China Hongxing
Hold it tight, go back to 50cents is not a dream.

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14 years 7 months ago #3623 by myhyip4me
Replied by myhyip4me on topic Re:China Hongxing
Can justify?

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