Ferro China 250708

Ferro China burst back into life after testing the 1.09 support (pink ...) and uptrend support (low blue) on 18 jul. FerroChina also broke the previous long term downtrend resistance (low pink) and 1.22 neckline (blue --) on 23 jul.

Although Ferro China has managed to stay above this neckline so far, we can also see that volume is gradually falling. From the chart, we can also see that the long term downtrend resistance (mid pink) meets the uptrend resistance (upp blue) 1.25 level. So we might see somemore action next week.

If FerroChina can open above the 1.25 level, and/or break the 1.26 resistance (green ...), we could see FerroChina exploding up for another round, possibly testing the 1.31 resistance (light blue ...).

Otherwise, we could see more profit-taking next week, with Ferro China testing the uptrend support (mid blue), and 1.17 support (light blue --).



For monday :

Support @ 1.25 (mid pink, upp blue), 1.22 (blue --), 1.183 (mid blue), 1.177 (low pink), 1.17 (light blue --), 1.14 (red ...)

Resistance @ 1.26 (green ...), 1.31 (light blue ...), 1.33 (upp pink), 1.34 (blue ...)