Cosco 091208

Cosco gapped up on opening and broke the long term downtrend resistance (upp pink) and the 0.930 neckline (pink --), which could be the first step to finally completing the double bottom formation.

However, today's formation could also be the 1st part of the Abandoned Baby or Evening Doji Star formations, which are bearish reversal patterns. Therefore, what happens tomorrow will be critical.

Some profit taking is inevitable as today is the 5th day Cosco is up. As long as Cosco stays above the 0.900 level, we could see the formation of the Mat Hold or Rising Three Methods, which are bullish continuation patterns.


For tomorrow :

Support @ 0.930 (pink --), 0.920 (upp blue, mid red), 0.900, 0.870 (blue --), 0.865 (low red), 0.860 (upp pink), 0.845 (lightblue ...)

Resistance @ 0.955 (upp red), 1.00 (red ...)