Cosco 200209

Cosco ended the week still trading within the long term downtrend channel (pink). Cosco also tested the 0.775 support (lightblue --) before recovering to close right on the short term downtrend support (mid red).

The last time Cosco traded below the 0.800 level was end jan, before it embarked on a short run up to hit the 90s. The 0.775 support could be crucial as it was also from this level that Cosco broke out on 3 dec and went on a spring to 1.17 on 11 dec.

If the 0.775 support (lightblue --) breaks, we could see Cosco heading for the 0.720 support (red ...), which is also where the long term downtrend support (low pink) meets the short term downtrend support (low red).

Any rebound would be weak and limited to the 0.805 level, where the long term downtrend resistance (upp pink) meets the uptrend support (low blue).


For monday :

Support @ 0.780 (mid red), 0.775 (lightblue --), 0.755 (green --), 0.730 (low pink, low red), 0.720 (red ...)
Resistance @ 0.790 (blue ...), 0.805 (low blue), 0.815 (red --), 0.820 (upp pink), 0.835 (green ...), 0.845 (lightblue ...)