Cosco 150409

After my analysis on 9 apr, Cosco blew away all the major resistance and closed right on the 1.12 neckline (pink --) today. Most of the trades were done at 1.04, with buy ups and sell downs split half. The 2nd most trades were done at 1.12, again, with ups and sell downs split half.

Cosco is coming close to testing the 1.17 high it hit on 11 dec 08. Prior to that high, Cosco was also on a similar surging run which saw it rocket from a low of 0.655 on 21 nov, to a high of 1.17 on 11 dec. That is a whopping 0.515 climb in 14 trading days !

Although Cosco's run now is quite similar, the difference is that it took Cosco almost twice the time this round.

Would we see history repeat itself?

For that to happen, Cosco would first have to break the crucial 1.10 support (blue ...).

However, if Cosco manages to stay above the 1.10 support, we could see it trade sideways between the uptrend channel (blue or green) as it attempts to build a base.

Anymore upside in the short term would probably be limited to the 1.17 high of 11 dec.


For tomorrow :

Support @ 1.10 (blue ...), 1.08 (mid pink, mid blue, mid green), 1.05 (low red, lightblue --), 1.03 (red --), 1.00 (blue --), 0.990 (green ...), 0.965 (red ...), 0.950 (green --)

Resistance @ 1.12 (pink --), 1.13 (upp red, upp blue, upp green), 1.15 (upp pink), 1.17 (lightblue ...)