The following is my personal Technical Analysis for China Hongxing Sports Limited listed in Singapore stock exchange. I will not be reliable for paying  any loss incurred for believing what I said. Of course I will be happy if you could make money because of this china hongxing share price analysis.

This china hongxin technical analysis chart is taken on 21 Nov 2010 with shareinvestor station software. Click on the image for clearer chart.

Trend: Downward. Best to be watcher instead of holding any position.

China Hongx has broken out blow the mid band of bollinger band since 2010 Sep 28. After that, the bollinger band becomes narrower and narrower. And the price slowly consolidates until Nov 10, 2010. The price range has always between S$0.19 to S$0.17. For this week, the bollinger band becomes wider and the price has been moving along the lower band of bollinger band. The chart above is using Heiken-Ashi chart. It has been consecutively red for 5 days, which is clearly a downward trend. However the last Heiken-Ashi stick shows that it is a ‘Doji’. Well, the open and close not exactly the same, but we can say it is a Doji as well. It shows that the market is indecisive. If you look at RSI, the current value is 32.8, it is almost in oversold region. The volume is becomes smaller and smaller, which is a good sign for ending the downward trend.

So we may expect to see a reverse pattern soon to have a technical correction. It it indeed reverse and whether it can be as bullish as it used to be for two months ago, we have to see whether it can break out the middle bollinger band. I bought some hongxing at 0.165. I may bought it too early if seeing from technical point of view. It may go down some more before seeing a technical correction. But I believe in this company fundamentally, so I am going to hold on to it for long term.
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