Cosco 231208

After hitting a high of 1.17 on 11 dec, Cosco has now retreated to the peak (pink --) of the double-bottom, which was where it broke out from on 10 dec. Along the way down, Cosco did not even come near to testing the downtrend resistance (upp red) even once.

This week could be crucial for Cosco as it would need to hold onto the 0.930 support (pink --) for any chance of a rebound. However, even if there is a rebound, Cosco would face lots of resistance from 0.980 to 1.00.

If the 0.930 breaks, which I think would be likely, we could see Cosco retreating to the 0.870 support (blue --). Further weakening could even see Cosco retreating all the way to the 0.800 level, which is where the 2 downtrend support (low red, low pink) meet.


For tomorrow :

Support @ 0.930 (pink --), 0.910, 0.870 (blue --), 0.860 (low pink), 0.845 (lightblue ...), 0.835 (low red), 0.815 (red --)

Resistance @ 0.950 (low blue), 0.990 (upp pink), 1.00 (upp blue, red ...), 1.02 (upp red)