China Fishery is currently trading in a down trend channel. As long as China Fish stay below the $1.20 – $1.25 resistances (20D MA, 50D MA and 38.2% Fibonacci Retracement Level), the stock will be heading toward $0.92 (the next 23.6% FR).
China Fishery has started the down trend after the stock price was unable to break above the previouos uptrend support turned resistance level. ChinaFish is also showing a “Lower Low, Lower High” down trend chart pattern. Next support is $1.75 followed by $1.625 which is the 61.8% Fibonacci Support.
China Fishery looks like starting an Elliott Wave C. If the Elliott Wave count is correct, very likely China Fishery will break this uptrend support line and may go down to $1.60 which is the 618% Fibonacci Retracement Level.
$1.90 is the critical support to watch as it is a 78.6% Fibonacci Retracement level + 50D MA support + Up Trend Support.
