CHN  has balked at ressitance of $4.56 and the question is - will it break higher? If so there is a target of $5.55 - which isn't far from a target of $5.40 suggested last month before price fell back. The negative aspects of the chart is that Elliott Wave suggests price is at a level where a material retracement could be expected before price moves to new highs. Also the peaks on the weekly chart have started to occur closer together - another suggestion of potential trend change. So while there is the promise of potential gain a fall back may be the start of a larger rout.

CHN 12Feb21

15 January 2021

Price moved up 2 weeks ago to make a higher weekly peak and 2 different price extensions of this move both suggested a target of $5.40. Unfortunately price turned down 8% last week to the underlying support of a weekly uptrend. CHN is a volatile stock and moves of 15% in a week are to be expected - hopefully a move up next week.

CHN 15Jan2021 

19 November 2020

With a large spike in price and volume yesterday CHN broke above resistance at $3.54 and has suggested a target of $4.55. Price has been rising very strongly (perhaps too strongly to be maintained) however the stock has formed a valid uptrend line and as long as price stays above that, all should be well. As well as being in an uptrend CHN is making higher troughs and peaks on the weekly chart so is ticking all the buy signals. Elliott Wave is less clear. The recent retracement could be a Wave 4 but with the pullback lasting only 2 weeks it is a bit short and more likely a sub-wave 4 - which would make the target peraps the end of Wave 3. If so a larger retracement could be expected before a final push to the high for this price cycle. Anyway - looks like a good short-term trade if price goes above yesterday's high (there was a late sell-off yesterday and before buying it would be good to see that reverse rather than continue.

CHN 19Nov2020 

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Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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