Ferro China 110608

Ferro China is another counter that gapped down at the beginning of the week, breaking the 1.44 support (red ...), the long term downtrend support (mid pink) on 9 jun, and even testing and closing right on the downtrend support (mid red) and the 1.34 support (pink ...).

The next 2 days were worse - FerroChina broke at least 2 volume supports, and is now resting on the 1.26 support (green ...). I've got a feeling we may see Ferro China testing the long term downtrend support (low red) soon.



For tomorrow :

Support @ 1.27 (low blue), 1.26 (green ...), 1.24 (low pink), 1.22 (blue --), 1.18 (light blue --), 1.17 (low red)

Resistance @ 1.30 (blue ...), 1.33 (mid red), 1.34 (pink ...), 1.38 (mid pink), 1.407 (upp blue)

Hope you find my analysis helpful. Thank you !!