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Boshiwa International (HKG:1698) : Trend still bearish.

 

Boshiwa International (HKG:1698) tried to climb above the kumo resistance back in April to establish a bullish trend.

However, we can see it is follow by a sharp fall from April 19 onwards.

Possible support is at 4.61; a level that has seen it bounce off 3 times.

From the Tenkan sen (pink line), we can see that it is a very sharp decline and the price is close to the line.

There is no confirmation of a bullish trend; though 4.61 may be a good entry as it has been supported 3 times. A cut-loss may be needed as the decline from April is sharp and at this moment, no confirmation of a consolidation or a bullish trend.