Ann: App 4C, Quarterly Activities, Update on Sinopec Hainan Plant, page-20

Bit of an unusual chart gj, which looks dominated by retail traders.
It appears to have a pump of some sort in the background as the most recent (and negative) influence over trading.
And price appears to have morphed from a downtrend into a sideways action more on a lack of selling pressure, as opposed to some serious buying volume or accumulation coming in......
There might be some buying in the sideways range, but it is a bit difficult to see......

Yes it is a spring (of the 12th Oct low), although not a particularly strong one (because the volume that came in on the 12 Oct to support the the stock, was not very high or ongoing, and price is again back down challenging that level, and dipping below it today, and also because price was allowed to penetrate below that low so deeply), but yes, it is a spring no doubt.

It certainly looks like a potential shakeout though, and has drawn out some decent supply, which appears to be buying (and it is the first decent volume for quite a while).
Seeing as volume was so high, the chance of a retest is quite high....preferably after an initial price rise to help confirm the buying today (within a temporary supply vacuum). At this point it is a 'potential' shakeout, and it would be deemed a successful shakeout if price can accelerate away and show some 'intent' in the next few days (even if it comes back later and re-tests the level, before pushing higher again). Remember shakeouts can and do fail, so tomorrow would be best to see some sort of upbar in response, although a narrow spread bar that dips a little lower and then recovers to close about level, on much lower volume, would also be acceptable.

The 5.2/5.3cps levels look quite important in the near term to me, and a clear break and close below them would leave the price structure vulnerable to a breakdown.

I would draw the chart something like this.



cheers