STX Pan Ocean 040708

After forming a multiple top (4 tops) from end apr to early jun, STX Pan Ocean finally broke the 2.95 neckline (green ...) on 13 jun. STX Pan Ocean then traded sideways along the 2.75 level (blue ...) before taking a dive again on 1 jul.

STX Pan Ocean tested 2 downtrend supports (low pink, low red) before closing right on the long term downtrend support (low red).

If STX Pan Ocean breaks the long term downtrend support (low red), the next support, based on volume distribution, would be around the 2.28 level (pink ...). And if that breaks as well, we could see STX Pan Ocean hitting the 22 jan low of 2.09 soon.



For monday :

Support @ 2.32 (low red), 2.28 (low pink, pink ...), 2.17, 2.09
Resistance @ 2.38 (blue --), 2.45 (green --), 2.52 (mid pink), 2.62 (low blue, red ...), 2.75 (blue ...)

Hope you find my analysis helpful. Thank you for your support !!