China Communications Services Corp (0552) : Sitting Dangerously on Kumo Support

On the Ichimok Weekly Chart, we can now see that China Communications Services (0552) is sitting just on top of the kumo support.

If this support breaks (or if it does not move up within a month), we can easily see that the price will pierce through the support and that will signal a bearish outlook.

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China Communications Services Corp (0552) : Poise for another breakdown.

Chart Review of China Commercial Services.

On the Daily Ichimoku chart, the first bearish sign occurs between August 5 to August 14 (highlighted by the green oval shape)

1. Price action dips below the thin kumo support (starting from August 4)

2. On August 14, we see that the Tenkan sen cuts the Kijun sen (another bearish indication; follows by a sharp drop in price)

The price rebounded off its low of about 4.34 in early September but recent price actions had seen it going below the support level at 4.48

With the support level gone, there is a high chance that it will trade between 4.34 and 4.48

Looking at the latest Tenkan sen and Kijun sen (highlighted by the yellow oval shape), there is a possibility that we may see another bearish indication. If it cuts, I believe, the support at 4.34 will be break and price will go even lower.

Note: 4.34 is also the kumo support on the Weekly Ichimoku chart.

2009Sep-China Communications Services Corp-800x600_Daily

2009Sep-China Communications Services Corp-800x600