Ferro China 280408

There was excitement initially as Ferro China opened above the 1.57 resistance level (red --). FerroChina even cleared the 1.60 level.



However, the excitement was short-lived as we probably saw lots of profit taking and Ferro China softened tremendously, breaking several supports along the way.

Ferro China even broke the 1.44 support level (red ....) momentarily before closing right on the 1.44 support level (red ...).

If FerroChina opens above the 1.44 support tomorrow, we might see it attempt to test the uptrend resistance (mid light blue), and downtrend resistance (mid red), or maybe even the 1.50 resistance (light blue --).

If Ferro China opens below the 1.44 support, we might see it testing the uptrend support (low light blue), and 1.36 support level (pink ....)

For tomorrow :

Support @ 1.44 (red ...), 1.37 (low light blue, low red), 1.36 (red ...), 1.307 (low pink), 1.30 (blue --)

Resistance @ 1.49 (mid light blue, mid red), 1.50 (light blue --), 1.57 (red --)

Good Luck !!