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.

Sunday, August 24, 2008

Ferro China 220808

Ferro China tested the long term downtrend support (low pink) after we last discussed on 19 aug. Based on the volume distribution bars, the resistance looks to be around the 1.02 level (red --) and the support around the 0.985 level (blue --).

We could be looking at FerroChina trading between these 2 levels for next week. We may see some action next week when the 1st long term downtrend resistance (mid pink) meets the 1.02 resistance (red --).

Even if Ferro China manages to break the 1st long term downtrend resistance (mid pink), its break would most likely to cap by the 1.07 resistance (green --).

There is also a possibility of FerroChina testing the long term downtrend support (low pink) if it breaks the 0.985 support (blue --).

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For monday :

Support @ 0.985 (blue --), 0.960, 0.915 (low pink)
Resistance @ 1.02 (red --), 1.036 (mid pink), 1.07 (green --), 1.11 (pink ...), 1.14 (red ...)
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