Cosco 090209

After breaking the downtrend resistance (upp red) on 4 feb, Cosco went on to break the 0.845 resistance (lightblue ...) 2 days later on 6 feb.

Cosco even opened above the 0.875 resistance (blue --) today, but the uptrend momentum could not be sustained, and it retreated to close just above the 0.845 resistance turned support (lightblue ...). Volume has also been dropping over the last 2 days of trading.

As you can see from the chart, Cosco has quite good volume support at the 0.845 (lightblue ...) and 0.835 (green ...) levels. We could see some profit taking this week, with Cosco trading between the downtrend resistance (upp pink) and the 0.845 and 0.835 supports.

If these 2 supports can hold, we could see Cosco testing the 0.875 resistance (blue --) again soon.

However, if these 2 supports break, we could see Cosco head towards the 0.815 support (red --), or even the 0.790 support (blue ...).


For tomorrow :

Support @ 0.845 (lightblue ...), 0.835 (green ...), 0.815 (red --), 0.790 (blue ...), 0.7835 (low pink, low blue), 0.765 (lightblue --)

Resistance @ 0.870 (upp pink), 0.875 (blue --), 0.8935 (upp blue), 0.925