Ferro China 010808

Ferro China broke the 1.34 neckline (blue ...) on the 3rd try. Furthermore, FerroChina also broke the long term downtrend resistance (upp pink), 1.38 resistance (pink ...) and uptrend resistance (upp green). The breakout was also accompanied with high volume.

We could be seeing a potential explosion for Ferro China to it high during May. However, FerroChina is also now trading very near to the 1.44 resistance (red --), which is from where it gapped down on 9 jun.

If Ferro China stays above the 1.38 level (pink ...), we could see it testing the 1.44 resistance next week. Or we could be seeing it trade sideways between the 1.38 (blue ...) and 1.34 (lightblue ...) levels.

If Ferro China breaks the 1.34 support, we could see it trading sideways between the 1.26 support (green ...) and 1.34 level.



For monday :

Support @ 1.415 (upp green), 1.38 (mid green, pink ...), 1.35 (upp pink), 1.32 (mid pink), 1.31 (low green, lightblue ...), 1.295 (low pink), 1.269 (upp blue), 1.26 (green ...)

Resistance @ 1.42, 1.44 (red --), 1.49 (green --)