Alternative scenario: the upside breakout of 0.966 would call for 1.012 and 1.039.
| Short Term View (Rise, Limited Rise, Consolidation, Limited Decline, Decline) |
Decline |
|---|---|
| Change In Short Term View | Limited Decline to Decline |
| Medium Term View (Bullish, Range, Bearish) |
Bearish |
| Change In Medium Term View | Range to Bearish |
Our pivot point is at 0.966.
Our preference: the downside prevails as long as 0.966 is resistance.
Alternative scenario: the upside breakout of 0.966 would call for 1.012 and 1.039.
Comment: the RSI is below 30. It could either mean that the stock is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the share stands below its 20 and 50 day MA (respectively at 0.98 and 1.02). Finally, China Minzhong Food Corp has penetrated its lower daily Bollinger band (0.91).
Supports and resistances:
1.012 *
0.966 **
0.948
0.91 last
0.852
0.825 **
0.799 *
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