Ferro China 110708

After hitting a low of 1.05 on 4 jul, FerroChina managed to recover and even trade above the 1.11 resistance (red --). Trading this week was more or less range bound between the 1.11 support and 1.18 resistance (light blue --).

We could see some action next week as the downtrend resistance (upp red) meets the uptrend support (low blue) at abt the 1.16 level.

If Ferro China trades above the 1.16 level, we could see it continue its uptrend and test the 1st long term downtrend resistance (mid pink), or even the 1.22 resistance (blue --).

However, if FerroChina breaks the uptrend support (low blue), we would most likely see it revisiting the 1.11 support (red --).



For monday :

Support @ 1.15 (low blue), 1.11 (red --), 1.057 (low red), 1.05 (red ...), 1.02 (low pink)

Resistance @ 1.17 (upp red), 1.18 (light blue --), 1.19 (mid pink), 1.22 (upp blue, blue --)

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