Disclaimer

Disclaimer:-Please note that all such analysis is provided by way of information only. All of the information was and should be taken as having been prepared for the purpose of reference only and that none were made with regard to any specific investment objective, financial situation or the needs of any particular person who may receive the analysis. Any recommendation or advice that may be expressed in or inferred from such analysis therefore does not take into account and may not be suitable for your investment objective.

Tuesday, September 30, 2008

Cosco 300908

Not only did Cosco test the 1.71 support (red --), it broke it and also went on to break the 1.62 support yesterday as well. Cosco then went on to test the downtrend support (low red) today. However, Cosco's situation is quite precarious as it is currently trading very near to the 1.50 support (green --).

Having said that, if you refer to the chart, Cosco could also be forming a double-bottom. Again, for Cosco to effectively reverse its downtrend, it has to break many resistances, as well as the 1.87 neckline (green ...).

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For thursday :

Support @ 1.50 (green --), 1.47 (low pink), 1.39 (low blue), 1.35 (low red)
Resistance @ 1.535 (mid red), 1.58 (upp blue), 1.62 (lightblue --), 1.71 (red --), 1.738 (upp red)
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