QIHU bullish–Scope for higher towards falling channel resistance

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QIHU             57.26 – bullish – Scope for higher towards falling channel resistance

QIHU             rallied strongly from its 41.64 YTD low (September 14, 2015), near 12-falling channel support (as seen on the weekly chart) to reach a new 2-month high at 59.00 Thursday (October 29, 2015). The indicators on the daily timeframe are overbought, cautioning for pullbacks. The 53.61 low (October 28, 2015 low) serves as the immediate support. A deeper pullback below the latter would risk 50.86 (October 14, 2015 low) where buyers should step in. However, a push through 59.00 would accelerate the upleg towards 66.20 (August 10, 2015 low) ahead of 72.65 (June 15, 2015) near 38.2% of the 124.42/41.64 fall.

Daily: bullish
Weekly: neutral
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