Ferro China 200608

Action came earlier than expected for Ferro China as we saw it going on a super run on wed 18 jun. FerroChina broke the 1.30 resistance (blue ...) and tested several other resistances before closing below the 1.34 resistance (pink ...).

However, the run was brought abruptly to a slowdown as we saw Ferro China testing the 1.30 support (blue ...) again and closing just above the downtrend support (low red) and uptrend support (mid blue).

If FerroChina wants to maintain its uptrend momentum, it would have to remain at least above the 1.30 support (blue ...).

However if the 1.30 support breaks, we could see Ferro China revisiting the 1.26 support (green ...) again.



For monday :

Support @ 1.31 (mid blue), 1.30 (low red, blue ...), 1.264 (low pink), 1.26 (low blue, green ...)
Resistance @ 1.34 (pink ...), 1.362 (mid pink), 1.37 (upp blue), 1.41 (mid red), 1.44 (red ...)

Hope you find my analysis helpful. Thank you for your support !!