Disclaimer

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.

Saturday, August 16, 2008

Ferro China 150808

After our last discussion, Ferro China's 1.31 support (lightblue ...) broke at the beginning of the week, and FerroChina never came close to testing it again. Ferro China even broke the 1.26 support (green ...) and 1.22 support (blue --) today.

If Ferro China fails to hold onto the long term downtrend support (low pink), we could be looking at the 1.17 support (lightblue --) being tested next week.

However, if FerroChina manages to trade above the 1.22 support (blue --), we could see it trading sideways, with 1.26 being the resistance (green ...).

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For monday :

Support @ 1.19 (low pink), 1.174 (low red, low blue), 1.17 (blue --), 1.14 (red ...)
Resistance @ 1.22 (blue --), 1.23 (mid red), 1.243 (mid blue), 1.255 (mid pink), 1.26 (green ...)
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