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.

Saturday, May 24, 2008

Ferro China 230508

Ferro China was initially on its way to testing the long term downtrend resistance (upp pink). The highest it went to was 1.67, before it started to soften.

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FerroChina then went on to break the downtrend support (low red) and uptrend support (mid light blue). It also tested the 1.57 support (blue --) before closing right on it.

Looking at the volume distribution, we should see good support around the 1.55 to 1.58 level. If this support breaks, we could be looking at 1.50 - 1.52 as the next support (light blue --).

For monday :

Support @ 1.57 (low pink, blue --), 1.53 (low light blue), 1.50 (light blue --)
Resistance @ 1.59 (mid light blue, low red), 1.61, 1.63, 1.65, 1.67 (upp pink)

Good Luck !!
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