Monday, April 21, 2008

Cosco Next Objective to close gap at $3.34

Next technical objective is to fill gap at $3.34 which is also the gap resistance. Immediate resistance is 20 days EMA . Breakout above this resistance will propel price to cover gap at $3.34 and test the red bold downtrend line. Successful breakout above this major downtrend line will generate greater momentum to challenge 50 EMA resistance line followed by $3.92 and $4.02 . However, if the red downtrend is not clear expect price retracement to retest the $3.00 support.

Cosco 15 mins chart Testing Support Band

Price lost momentum after reaching $3.24 just 1 cents from mid gap resistance at $3.25 . Monitor immediate support band $3.18 to $3.15 . Support failure here will retest next support band at $3.10 to $3.08 . Need to clear $3.22 resistance to regain momentum to retest $3.24 to $3.25 resistance band. Breakout above this band will propel price to gap resistance at $3.35

Cosco 15 mins chart breakouts above Ascending Triangle

Gapped up this morning breaking above both the ascending triangle resistance at $3.04 and short term green downtrend line. Immediate resistance is $3.18. Breakout above $3.18 will propel price towards mid gap resistance at $3.25 and will challenge gap resistance at $3.35 . Immediate support is $3.10 to $3.08 support band followed by $3.04 the ascending triangle horizontal resistance turned support line.