Aluminum Corporation Of China Ltd (ACH) Technical Analysis

Today we'll analyze the Stock ACH for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 44.90$ (04/07/08) to 38.57$ (04/14/08) a 6.33$ move
2- The current bullish trend started from 38.57$ at 04/14/08 and is currently trading at 40.17$.

3- The stock current support level is at 40.06 which is the 23.60% fibonacci retracement of the last 6.33$ move.
4- The stock current resistance level is at 40.99 which is the 38.20% fibonacci retracement of the last 6.33$ move.
5- According to ADX, the trend is currently bearish,which is becoming weaker.
6- Bullish Divergance in MACD.
Short term chart patterns :

7- The Stock formed a 10.66$ height triangle.
Mid term chart patterns :

8- The Stock was resisted by a resistance line, identified by two points: 44.9 and 46.77, and is currently resisting at 44.1728.
Long term chart patterns :

9- The Stock was resisted by a resistance line, identified by two points: 44.9 and 46.77, and is currently resisting at 44.1728.

Conclusion:
ACH was trading in a bearish wave, which is becoming weaker .
Technical indicators and chart patterns show bullish direction,
recommend stopping short positions or entering long position or bullish spread options strategy .

Resistance Levels: 40.99, 41.74, 42.48, 44.17, 44.90, 46.62, 48.81, 54.30, 62.78.
Support Levels: 40.06, 39.79, 39.56, 39.37, 39.18, 38.57, 35.57,.