Thursday, July 23, 2009

China Hongxing TA

Something about China Hongxing... Shall describe instead of uploading my chart here.

1) Hongxing first hit its 200 day MA on 11 May 2009 at 22 cents before bouncing down

2) Hongxing travels along its 200 day MA from 2nd Jun 09 to 8th Jun 09 before coming down again

3) Hongxing briefly crossed its 200 day MA on 26th, 29th and 30th Jun 09

4) Within this volatile period, Hongxing was still contained within the cloud of the ichimoku.

5) 9th July, 50 day MA crossed 200 day MA, 17th July price crossed 50 day MA.

6) 21st July, Hongxing officially break resistance of icimoku cloud, with the cloud now forming the support.

7) Hongxing touched 0.19 resistance.

8) Parabolic SAR green. MACD positive. Stochastics still positive, but seems like going to cross over soon.

9) 20 day MA coming up to touch 200 day MA, and we need to see if it will touch and cross 50 day MA.

10) Ascending triangle spotted. Break upwards expected.

In short, might expect a breakout from Hongxing upwards...

Caveat Emptor

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