Cosco 150508

After consolidating for much of the week, Cosco finally made a move and broke 3 resistances on the way up. Cosco also managed to close above the 3.48 resistance level (blue --).



It now remains to be seen if Cosco can break the long term downtrend resistance (upp pink). To have a good chance of doing that, Cosco would have to at least continue to trade within the uptrend channel (green).

Chances will be increased further if Cosco can open above the 3.48 level (blue --). You can see from the chart that the downtrend resistance (upp red) and uptrend support (mid blue) meets at the 3.48 level too. So if Cosco can open at or above 3.48, we could see some good support there.

However, if Cosco loses its uptrend momentum and breaks the downtrend support (low red), we might see Cosco testing the 3.26 support level (blue ...) again.

For tomorrow :

Support @ 3.48 (upp red, mid blue, blue --), 3.43 (low green), 3.38 (low red), 3.37 (low pink)
Resistance @ 3.51 (upp pink), 3.55 (upp green), 3.62 (upp blue, red --)