Cosco 090409

Cosco just about managed to stay within the 3 uptrend channels (blue, green and pink) today, after breaking the 3 uptrend supports (mid pink, mid green, and mid blue) yesterday. More importantly, Cosco managed to stay above the 0.950 support (green --).

However, both the uptrend supports (mid pink and mid green) meets the 0.950 support (green --) in the coming week so we could see the 0.950 support being severely tested. If this support breaks, we could see Cosco re-visiting the 0.930 support (lightblue ...), or even the crucial 0.910 support (blue ...). If the 0.910 support breaks as well, we could be looking at the uptrend reversing for Cosco.

Another possible scenario could see Cosco attempt to build a base by trading sideways between the 0.930 support (lightblue ...) and 0.965 resistance (red ...). Any upside would be limited to the 0.990 neckline (green ...) as most of the uptrend resistancesa well as the downtrend resistance (upp red), meet there too.

If Cosco manages to stay above the 0.930 or 0.950 supports, we could see it test the 0.990 neckline (green ...) soon.


For monday :

Support @ 0.950 (green --), 0.935 (mid pink, mid green, mid blue), 0.930 (lightblue ...), 0.910 (blue ...), 0.895 (low red), 0.880 (low pink, lightblue --)

Resistance @ 0.965 (red ...), 0.973 ( upp green), 0.990 (upp blue, upp pink, green ...), 1.00 (upp red, blue --), 1.03 (red --)