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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, June 14, 2008

Ferro China 130608

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.

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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 !!
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