Cosco 060309

Cosco had a false breakout on 5 mar as it broke the 1st downtrend resistance (mid red) and tested the 0.755 (green --) and 0.775 (lightblue --) necklines. The uptrend momentum couldn't be sustained and Cosco traded below the 0.730 neckline (blue --) today, forming a Doji.

If Cosco breaks the uptrend support (mid blue), there's a danger it could slip back into the long term downtrend channel (pink). The 0.715 supports looks to be a critical support as the uptrend support (mid blue) meets the downtrend resistance (mid red) at this level sometime next week.

We could be looking at Cosco trading sideways between the 0.730 neckline (blue --) and uptrend support (mid blue). And if Cosco manages to trade above the uptrend support (mid blue), there's a good chance we might see some action next week.

If Cosco breaks the uptrend support, we would likely see a swift return to test the 0.670 support (pink --).


For monday :

Support @ 0.715 (red ...), 0.710 (mid blue), 0.690 (upp pink), 0.680 (low red), 0.670 (low blue, pink --)
Resistance @ 0.730 (blue --), 0.740 (mid red), 0.745 (upp blue), 0.755 (green --), 0.775 (lightblue --)