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    • « FA: UOB Kay Hian | Home | China Hong Xing 1H07 Results Date »

    China Hong Xing, ripe for a rebound

    By Pehon | August 2, 2007

    China Hong Xing badgeChina Hong Xing’s stocks has been badly hit by the recent correction.

    China Hong Xing’s stocks started its fall on 18th July 2007, the same day the STI started showing its weakness.

    On the 18th July 2007, China Hong’s stocks were showing strengths in the morning (when the STI was still healthy), and even broke thru the $1.06 barrier. I was almost so sure it was a sign of a break out. But to my surprise, the STI started falling later in the day, together with China Hong Xing that fell from its barrier.

    chx chart 02-08-07Anyway, looking at the charts for the last 2 days, volume has been high. Today, China Hong Xing showed possible signs of a thrend reversal by closing 1.4% higher than yesterday’s close.

    Short term support level is at $0.7 to $0.73.

    Given the relatively high volume from today and the price reversal today, I’m pretty certain we’ll see a recovery from China Hong Xing’s stocks from tomorrow onwards, given the following conditions.

    1. Volume is above >40M level tomorrow for China Hong Xing
    2. No crazy drops from the STI tomorrow, and with that, no crazy drops from the US market tonight
    3. A drop below $0.69 would signal that a thrend reversal is not going to happen.

    Nevertheless, I don’t recommend trading for the short term. With the information provided above, its recommended for Investors to accumulate shares at current level, for the long term.

    Topics: ChinaHongXing |

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