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.
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 !!
Saturday, May 24, 2008
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