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Disclaimer:-Please note that all such analysis is provided by way of information only. All of the information was and should be taken as having been prepared for the purpose of reference only and that none were made with regard to any specific investment objective, financial situation or the needs of any particular person who may receive the analysis. Any recommendation or advice that may be expressed in or inferred from such analysis therefore does not take into account and may not be suitable for your investment objective.

Tuesday, August 5, 2008

Ferro China 050808

Although FerroChina tested the 1.34 (blue ...) and 1.31 (light blue ...) supports today, as well as the long term downtrend support (low pink), and uptrend support (low green), Ferro China managed to recover and close above all those supports which it tested.

So, is Ferro China taking a breather, or has it peaked already?

If FerroChina opens above the 1.34 support (blue ...) tomorrow, I think it would at most test the long term downtrend resistance.

If Ferro China opens below the 1.34 support, we may see it testing the 1.26 support (green ...)

Photobucket

For tomorrow :

Support @ 1.347 (low green), 1.34 (blue ...), 1.31 (low pink, lightblue ...), 1.276 (upp blue), 1.26 (green ...), 1.22 (blue --)

Resistance @ 1.38 (pink ...), 1.42 (mid green, upp pink), 1.44 (red --)1.47 (upp green)
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