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, September 14, 2008

Ferro China 120908

FerroChina continues to trade within the downtrend channel (red), but more importantly, Ferro China broke the 1st downtrend support (mid red), long term downtrend support (low pink), and also the psychological 0.700 support level.

I said on 5 sep that we could see some rebound when FerroChina hits the 0.700 level. However, if the rebound doesn't materialise, we could see Ferro China weakening further to the neckline support of 0.540 which I also mentioned on 5 sep.

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For monday :

Support @ 0.675 (pink ...), 0.667 (mid red), 0.550 (low red)
Resistance @ 0.691 (low pink), 0.750 (upp red), 0.806 (mid pink), 0.890 (lightblue ...)
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