Disclaimer

Disclaimer:-Please note that all such analysis is provided by way of information only. All of the information was and should be taken as having been prepared for the purpose of reference only and that none were made with regard to any specific investment objective, financial situation or the needs of any particular person who may receive the analysis. Any recommendation or advice that may be expressed in or inferred from such analysis therefore does not take into account and may not be suitable for your investment objective.

Tuesday, May 6, 2008

Ferro China 060508

There was no stopping Ferro China once the long term downtrend resistance (upp pink) was broken. As indicated on the volume distribution bars, there only significant volume to block FerroChina from rocketing was at around 1.70.

Photobucket

The next neckine I can see would be 1.74, which is the peak on 9 - 11 jan, the 3 days just before Ferro China began its free fall.

If Ferro China breaks the 1.74 neckline (red --), the next resistance can be seen around the 1.84 level, the low on 14 dec, before FerroChina softened.

For tomorrow :

Support @ 1.67 (upp light blue), 1.61 (upp pink, mid light blue), 1.59 (upp red), 1.57 (blue --)
Resistance @ 1.74 (red --), 1.84

Good Luck !!
Posted by at
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)