Cosco 060109

Cosco continues to trade within the uptrend channel (blue), almost testing the 0.930 support (pink --) today. Cosco also broke the 1st uptrend resistance (mid blue) with volume, testing the 1.03 resistance (green ...), before closing right on the 1.00 neckline (red ...).

Where is Cosco heading?

Frankly speaking, it isn't too clear. Volume done today peaked at 62m over the last 5 days of trading, with no one particular price level having exceptionally large volume done. What I can see from the chart is that if Cosco manages to break the 1.00 neckline (red ...) convincingly, we could see it heading at least to the 1.10 neckline (lightblue --).

However, if Cosco fails to break the 1.00 neckline this week, we could see it retracing back at least to the 0.950 level, where the uptrend support (low blue) meets the downtrend resistance (upp red), or back to the 0.930 support (pink --). And if the 0.930 support breaks, it'll be back to the 0.870 support (blue --).


For tomorrow :

Support @ 1.00 (mid blue, red ...), 0.975 (upp red, green --), 0.950, 0.930 (low blue, pink --), 0.870 (blue --)
Resistance @ 1.00 (mid blue, red ...), 1.03 (green ...), 1.06, 1.10 (lightblue --)