Ferro China 180708

Ferro China did open at 1.16 on 14 jul. It even tested the long term downtrend resistance (mid pink) before closing on the 1.17 resistance (light blue --) on 14 jul.

But more importantly, FerroChina also tested the 1.14 support everyday since 14 jul, and it finally broke it today, tested the 1.09 support (pink ...), before closing right on the 1.11 support (red --) today, which was quite close to what I've said on 11 jul.

If Ferro China breaks the 1.09 support (pink ...), we could see it test the 1.07 support (based on volume distribution) first. And if the 1.07 support holds, we could see FerroChina trading sideways.

If the 1.07 support breaks, we could see Ferro China testing the 1.05 support (blue ...), which is also the support indicated by the long term downtrend support (low pink).



For monday :

Support @ 1.093 (low blue), 1.09 (pink ...), 1.07, 1.06 (low red), 1.05 (blue ...), 1.047 (low pink)
Resistance @ 1.11 (mid red, red --), 1.14 (red ...), 1.153 (mid pink), 1.158 (upp red), 1.163 (upp blue), 1.17 (light blue --)