Ferro China 060608

Afer since breaking the 1.52 support (light blue --) on 1 june, Ferro China continued to weaken and trade within the downtrend channel (red). FerroChina has also broken the uptrend support (low blue).

Ferro China is now trading closer and closer to the 1.44 support (red ...). And if Ferro China breaks the long term downtrend support (low pink), we could see FerroChina testing the 1.36 support (pink ...), or even the 1.30 support (blue ...).

We would have to wait for a reversal indicator to signal a reversal in the downtrend.



For monday :

Support @ 1.45 (low red), 1.44 (red ...), 1.403 (low pink), 1.39, 1.36 (pink ...), 1.30 (blue ...)
Resistance @ 1.49 (mid pink), 1.50 (mid red), 1.51 (upp blue), 1.52 (light blue --), 1.55 (blue --), 1.57 (upp blue)

Hope you find my analysis helpful. Thank you !!