China HongXing: Where is the Target?

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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.

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