Cosco 270209

Two days after my analysis (24 feb) on Cosco, it went on to test the 0.755 support (green --). If you had followed my blog, you'd have made some money shorting Cosco. And if you had waited just 2 more days (which is today), you'd have made even more as Cosco closed right on the 0.720 support (red ...).

Cosco continues to trade within the 2 downtrend channels (pink, red). If Cosco breaks the 0.720 support (red ...) we could see Cosco head towards the 0.670 level (pink --), which is where the long term downtrend resistance (upp pink) meets the downtrend support (low red). And this level is also where Cosco formed the double bottom back oct and nov last year.

Near term support looks to be at around 0.700 (low red).


For monday:

Support @ 0.711 (mid red), 0.695 (low red), 0.670 (low pink, pink --)
Resistance @ 0.755 (upp pink, green --), 0.775 (lightblue --), 0.790 (blue ...), 0.815 (red --)