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China HongXing looks like breaking out from a Flag pattern with a spike in trading volume. The stock also breaks the 200D MA resistance which is also 50D MA resistance. Other technical indicators like MACD, Bollinger Band, Parabolic SAR, Stochastic, RSI show bullish signal. Also take note that 20D MA crosses up 200D MA, which is another bullish momentum signal. It looks like China HongXing is starting a bull run!
Straits Asia Resources (SAR) has completed the breakout from a Falling Wedge after testing the support at the breakout point (shaded in green) which is also the 50D MA support. Currently SAR is testing a long term trend of 200D MA resistance at about $2.14. If this resistance is broken and turned to support, SAR is on the way to reach its price target of minimum $2.60. Falling Wedge in an up trend is a continuation pattern.
Following up on the previous post on Sound Global. A Head and Shoulders are formed and the neckline at $0.77 was broken with a gap down & huge selling volume last Friday. Price target of this breakdown is $0.51.
Sound Global is currently trading below 20D, 50D and 200D MA.
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