Cosco 051208

I've updated the long term downtrend channel (pink). You can see from the chart that 2 trendlines (upp pink, upp blue) meet at the 0.870 neckline (blue --), and Cosco closed right on this neckline today. Volume done was also about a third of yesterday's. Profit taking?

The first neckline for Cosco at 0.930 (pink --) has yet to be tested so a double bottome formation cannot be confirmed yet. A successful break of this neckline could see Cosco heading for the 1.20 -1.30 level.

If Cosco can stay above the 0.870 support on tuesday, there's a good chance we might see it test the 0.930 resistance. However, if that support breaks, we could see Cosco pulling back to the next support at 0.845 (lightblue ...).


For tuesday :

Support @ 0.870 (upp pink, upp blue, blue --), 0.845 (lightblue ...), 0.815 (red --), 0.800 (mid blue), 0.795 (green ...)
Resistance @ 0.870 (upp pink, upp blue, blue --), 0.910, 0.930 (pink --), 1.00 (red ...)