Ferro China 250408

Ferro China managed to open above the 1.44 resistance turned support (red ...) level on 24 apr. FerroChina also tested the 1.57 resistance level (red --) on the last 2 days.



Although Ferro China tested the downtrend resistance (upp pink) and uptrend support (mid light blue) today, it still managed to close just below the 1.57 resistance level (red --).

Looking at the chart, we can see there's strong support around the 1.48 - 1.50 level (light blue --), with big volume done there.

Since FerroChina could not break the 1.57 resistance level on 2 occassions, we might see it trading sideways next week within the 1.57 resistance and 1.50 support. If Ferro China can break the 1.57 resistance, the next resistance looks to be around 1.70.

For monday :

Support @ 1.50 (low red, light blue --), 1.478 (upp pink, mid light blue), 1.44 (red ...)

Resistance @ 1.56 (upp red), 1.57 (red --), 1.59 (upp light blue), 1.70

Good Luck !!