Cosco 041208

After breaking the long term downtrend resistance (upp pink) yesterday, Cosco continued its upward surge with almost twice of yesterday's volume done. However, Cosco did test the 0.795 support (green ...), before reversing and charged towards the 0.870 resistance (blue --) and closing just above it.

Having said that, it is still too early to say if Cosco has indeed completed the double bottom formation, as it has yet to break the 0.930 neckline (pink --). We could see some profit taking along the way, more so if Cosco manages to test the 0.930 neckline.

It remains to be seen if Cosco can hold onto its 0.870 support (blue --). Any weakness could see Cosco pulling back to the 0.815 support (red --).


For tomorrow :

Support @ 0.870 (blue --), 0.845 (mid blue, lightblue ...), 0.815 (red --), 0.795 (green ...), 0.755 (upp pink, blue ...)
Resistance @ 0.923 (upp blue), 0.930 (pink --), 1.00 (red ...)