Today we will analyze the stock China Netcom Group Corporation (hong Kong) Limited (CN) for internet stock trading in the NYSE stock market,
Stock Technical indicators to notice in China Netcom Group Corporation (hong Kong) Limited (CN)
1- Last bullish trend was from 93.35 $ (4/11/2012) to 98.12 $ (5/2/2012) a 4.77 $ move 2- The current bearish trend started from 98.12 $ at 5/2/2012 and is currently trading at 94.31 $.
3- CN current support level is at 93.35 which is the 100.00 % fibonacci retracement of the last 4.77 $ move.
4- CN current resistance level is at 95.17 which is the 61.80 % fibonacci retracement of the last 4.77 $ move.
5- According to ADX Indicator, the trend is currently bearish, which is getting stronger.
China Netcom Group Corporation (hong Kong) Limited (CN) Short term stock chart patterns for internet stock trading :

6- The Stock was resisted by a resistance line, identified by two points: 98.120 and 99.860, and is currently resisting at 97.975.
China Netcom Group Corporation (hong Kong) Limited (CN) Mid term stock chart patterns for internet stock trading :

7- The Stock was supported by a support line, identified by two points: 84.330 and 82.340 that was broken down at 95.200 transforming into a resistance line.
China Netcom Group Corporation (hong Kong) Limited (CN) Long term stock chart patterns for internet stock trading :

8- The Stock formed a 43.150 $ height triangle which was broken up at 88.860, target of the pattern is 132.010 which was broken down at 99.660, target of the pattern is 56.510.

Stock Trading Conclusion:
China Netcom Group Corporation (hong Kong) Limited (CN) was trading in a bearish wave, which is becoming stronger .
Technical indicators and stock chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy in online trading .

Stock Resistance Levels : 95.17, 95.21, 95.74, 95.77, 96.21, 96.30, 96.66, 96.99, 97.98, 98.12, 98.69, 110.48, 132.01.
Stock Support levels : 93.35, 92.05, 90.40, 74.21,.