Cosco 290808

We did indeed see some action for Cosco toward the end of the week when Cosco broke the long term downtrend resistance (low pink) and 2.27 resistance (red ...). Cosco closed right on the downtrend resistance (mid red).

Having said that, we have seen Cosco recovered almost 17% of its value since its low of 1.97 on 19 aug. Moreover, we saw Cosco hitting the resistance (mid red) today.

So we might see Cosco trading sideways next week, supported by the uptrend support (mid blue). I see the upside at most will be capped by the long term downtrend resistance (mid pink).

If Cosco can maintain trading within the uptrend channel (blue), we could see it attempting to break the long term downtrend resistance (mid pink) towards the end of next week.



For monday :

Support @ 2.287 (mid red), 2.27 (red ...), 2.26 (upp blue), 2.16 (mid blue), 2.154 (low pink), 2.12 (low red), 2.09 (blue --), 2.06 (low blue)

Resistance @ 2.355 (mid pink), 2.44 (blue ...), 2.69 (upp pink)