Raffles Education – Down Trend started!

Raffles Education closed at $0.49 with another bearish candle today. It looks like the down trend is starting soon. All other technical indicators showed weaknesses:

  • Stock price below 20D, 50D and 200D MA.
  • Stock price below the Parabolic SAR line.
  • Stock price at lower Bollinger Band.
  • MACD is becoming bearish convergence.
  • RSI is moving down.
  • Stochastic is bearish and at oversold region.

Immediate support at $0.485 and next support is $0.45.
I am staying out this stock until I see a trend reversal.

China HongXing – Broke all critical support levels!

China HongXing closed at $0.20 with another bearish marubozu candle today! It also broke the uptrend channel support, 50D MA, and short term critical 61.8% Fibonacci retracement level of $0.204. All other technical indicators show weakness of the stock price. It may face further sell down pressure because the stock price is at the bottom envelope of the Bollinger Band and also below the Parabolic SAR line. It will be critical to see whether China HongXing can bounce back from $0.20 to $0.205 level in the next few days.  The next critical support level at $0.17 to $0.18.

China Zaino – Dropped out from the uptrend channel!

China Zaino closed at $0.285 with a bearish marubozu candle. It dropped out from the current uptrend channel and also broke the 20D MA support line. If China Zaino can move up in the next few days, a new channel line (with different gradient) has to be redrawn. Otherwise it will be the end of the uptrend and the stocks will move into consolidation phase.