Cosco 030309

Cosco opened right on the 0.670 support (pink --) today. Although Cosco rebounded today to close above the downtrend support (low red), volume was lesser than yesterday's, so we might be looking at a technical rebound.

If Cosco manages to stay above the downtrend support (low red), we could see it trading between this support and the 0.720 neckline (red ...).

Another scenario could see Cosco trading between the downtrend support and 0.670 support (pink --), which I believe could be most likely.

As you can see from the chart, the 0.670 support is very important as 3 trendlines converge together with the volume support (pink --). So, if the 0.670 breaks, we could see Cosco test the 28 oct low of 60.5 cents at least.


For tomorrow :

Support @ 0.700 (low red), 0.680, 0.670 (blue, pink --), 0.643 (low pink)
Resistance @ 0.720 (red ...), 0.730 (upp pink), 0.735 (mid red), 0.755 (green --), 0.775 (lightblue --)