China XLX Doji near 50% Fibonacci Retracement

24 Dec 2009
Doji started the rebound from 56.5 cents low.

30 Dec 2009
Climb within orange channel blocked by light blue resistance zone and red channel upper boundary resistance.

31 Dec 2009
Bears trying to regain the channel crossover hallowed ground from the Bulls.

4 Jan 2010
Bulls rampage snapped 3 resistance barriers in a single day. The 3 obstacles consisted of

1. Red Upper Channel Resistance Boundary

2. Light Blue Resistance Zone

3. 50% Fibonacci Retracement Resistance at 65 cents.

5 Jan 2010
Topping tail doji was challenged and stopped by the green resistance zone and the 38.2% Fibonacci Retracement at 71 cents.

7 Jan 2010
Retested light blue resistance turned support zone.

11 Jan 2010
Shooting star unable to clear green resistance zone blockade.

13 Jan 2010
Doji retesting triple support comprising of

1. Light blue resistance turned support zone.

2. Orange channel lower support line

3. 50% Fibonacci Retracement at 65 cents

Triple support failure will slump price to next support at green internal channel line and may retest 60 cents if there is no Bull buying interest.

However. a successful rebound from triple support will mount a surge towards the green resistance zone followed by the upper channel resistance boundaries of the blue, green and orange channel formations.