After testing the 1.26 support (green ...) for the last 3 days, Ferro China finally broke it today, and closed right on the long term downtrend support (mid pink).
Going by FerroChina's past patterns, we could see it sliding further before there's any chance of it reversing up. The next volume support would be at around the 1.22 level (blue --). If that support breaks, I don't see much support for Ferro China below that anymore.
For monday :
Support @ 1.23 (mid pink), 1.22 (blue --), 1.18 (light blue --), 1.17 (low pink), 1.16 (low red)
Resistance @ 1.26 (green ...), 1.266 (low blue), 1.30 (blue ...), 1.32 (mid red), 1.34 (upp blue, pink ...)
Hope you find my analysis helpful. Thank you !!
Saturday, June 14, 2008
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