Stock Chart Analysis CHNR

Posted by downtowntrader | 2/13/2008 09:52:00 PM | 1 comments »

Stock Chart Analysis CHNR

China Natural Resources Inc. (Public, NASDAQ:CHNR)

I meant to get this chart out last night, but I was having all sorts of problems with my internet connection. CHNR has attempted to end it's correction a couple of times, and it looks like it may be ready to follow through. This is a huge descending triangle that has formed here, and it looks like CHNR is already out of it. The first target is the last pivot high over 28. I think it will more then likely test the 32.85 pivot high, and while CHNR is capable of doing it in one fell swoop, it will probably pullback a few times before doing it. While this is a risky and volatile stock, it has been trading steadily and the reward is high enough to justify the risk.



Good Trading,


Joey

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1 comments

  1. upsidetrader // 9:56 PM  

    i've liked chnr for a while as well,hopefully it's time has come

    upsidetrader