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Technical Analysis
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Gallen
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16-Mar-2006 08:31
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Extracted from my blog: http://kelongstocks.blogspot.com please visit my blog for chart and full writeup: Despite repeated calls that this is a kelong stock that is compared to an even more kelong stock Li Ning, China Hong has seen its share price rising rapidly a month after its IPO debut as punters view it undervalued relative to Li Ning which trades at astronomical valuations (in my opinion). Chart shows China Hong in a ascending triangle like formation (see solid red lines). Technically, a breakout above the ascending triangle should see the stock testing the technical target being the distance of the height of the triangle (94 cents to $1.30) which implies target of *gasp* $1.66!!! Support: $1.16 (ascending slope of triangle and base of belt-hold candlestick), $1.05/$1.06 (blue uptrend line, also recent lows during period 8 to 10 Mar 2006), $1.00 (psychological support and previous resistance turned support on 9 Feb 2006). Resistances: $1.30 (all-time high hit on 1 Mar 2006) .............. continued at my blog |
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