Tuesday, May 7, 2013

**** Trading Sell (CFD): Cosco Corp. Share price 0.795. (CFD short trade)

Cosco Corp has indeed broken the 0.800 psychological support level today. Now at 0.795. Possible to increase short positions on this break down as mentioned earlier. Buy stop at 0.815.
Posted yesterday – 6 May 2013
Cosco Corp has broken below key 0.855 support level that it has held above since the whole of 2012 to last Friday. Today’s sharp drop is mainly due to weaker than expected results announced and a flurry of Sell calls from analysts. Technically, support has now turned resistance at 0.85 level. As long as 0.85 remains as a resistance level and Cosco does not go above it, still bearish in the short to midterm. Next support at 0.800. A break below this 0.800 can see it go lower further probably to test 0.700 level. Will increase short positions on this break of 0.800 psychological support level. Note that the low in Oct 2008 after the global financial crisis is at 0.625 level.
Buy stop at 0.86.  

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