Looking at a bigger time horizon on China HongXing, a Cup and Handle pattern is observed and current breakout from 61.8% Fibonacci Retracement Resistance at about $0.175 coincides with the Cup and Handle breakout. Price target of this breakout is $0.23. However, China HongXing needs to clear the immediate long term down trend resistance at about $0.20 first. $0.175 should provide a good support.
- Post author:Marubozu
- Post published:September 6, 2010
- Post category:China HongXing
- Post comments:11 Comments
Tags: Cup and Handle