Cosco 300408

Cosco today opened just above the long term downtrend support (low pink) at 3.05, which was yesterday's low. It also managed to recover some of yesterday's losses and came to within 2 cents of testing the 3.26 resistance (blue ...).



Cosco ended the day at 3.16, which is above the downtrend support (low red). From the volume distribution bars, we can see that 3.15 - 3.16 could be the temporary support for Cosco. With significant resistances from 3.20 all the way to 3.50.

For the time being, if Cosco opens above the downtrend support (low red) on friday, and continues to trade within the uptrend channel (blue), we might see Cosco testing the 3.26 resistance (blue ....) next week.

If Cosco breaks the uptrend support (low blue), we might see it slipping below the $3.00 level.

For friday :

Support @ 3.11 (low red), 3.07 (low blue), 3.01 (low pink)
Resistance @ 3.23 (mid pink), 3.26 (mid blue, blue ....), 3.28 (mid red), 3.36 (upp blue)

Good Luck !!