China HongXing – Starting to Move

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China HongXing traded 78.8 million shares and also the 3rd most active counter last Friday. The stock closed at $0.14 with a bullish marubozu candle and move above 20D and 50D MA. Traders have back in this counter which has a very strong support between $0.115 to $0.12 for the past two months. Next immediate resistance is $0.155 (50% Fibonacci Retracement Level) and $0.16 (200D MA). Breaking above $0.16 will make China HongXing to be bullish again.

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