China HongXing – Head & Shoulders Formed!

China HongXing has formed a Head & Shoulders and the stock price has broken below the neckline. However, this stock bounced back from $0.19 support line (50% Fibonacci Level).
$0.20 to $0.205 is a very critical resistance level (neckline and 61.8% Fibonacci Level) to break to have pattern failure for China HongXing to go north. Another important thing to watch is whether the trading volume returns to help to break this strong resistance.

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  1. Marubozu

    Hi Roger, pls refer to my latest chart. This counter volume picks up recently and the chart & indicators looks bullish. Trading volume is important for the stock price to go up. Have to watch closely.

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