Wednesday, April 30, 2008

Cosco 30mins chart surrounded by trendlines

An early upthrust was blocked by the blue support turned resistance line. Price now under pressure by the black downtrend line. Breakdown below $3.14 to $3.13 may retest previous low at $3.05 . If this support does not hold a breakdown below $3.04 will see a retracement towards the red downside resistance turned support line. Any price rebound will meet immediate resistance at 20 EMA line followed by $3.20 to $3.18 resistance band . Clearing this resistance band will propel price towards 50 EMA resistance line and challenge the blue support turned resistance line for the third time .

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