China Fishery – Dropped out from the up trend channel!

China Fishery dropped out from the uptrend channel and broke the 50D MA support line. If  China Fishery stays above $1.263 (61.8% Fibonacci Retracement level) and bounces back from this support, this is considered a healthy correction before continuing the up trend. It looks like a Head & Shoulders is formed too with neckline at around $1.263. If this critical support is broken, it may send the stock down to $1.06 level.

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.