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Price fell to test 64 cents support before cheonging again to test 74 cents resistance. Expect another test of 74 cents resistance, should break it tomorrow morning.
done a follow-up TA for my viewer, FA written earlier.
please see http://kelongstocks.blogspot.com for full details.
Fundamental Analysis
See writeup on 04 Mar 2006 below on Ferrochina RCPS issue. Conservative FA target is 84 cents based on 8x forward 2006 P/E.
Technical Analysis
Chart shows Ferrochina in an uptrend channel.
Post RCPS issue, share price declined as predicted in earlier writeup (same as China Sun).
However, despite the weakness over the past 3 days, the belt-hold candlestick from 62 to 70 cents held firm. Yesterday saw a doji candlestick. where prices hit a low of 64.5 cents. This was close to the previous high of 64 cents achieved.
Supports: 67.5 (closing prices over past 3 days) , 64/64.5 (uptrend channel support and previous high)
Resistances: 73 and 74 (recent highs over past few days)
Please visit http://kelongstocks.blogspot.com for full details