Thursday, June 2, 2011

Cosco Corp double top?

If you have notice, i have lesser post recently. This is due to the market inactiveness, and i think is hard to trade in this kind of market and so i think it is best to keep 70% cash and wait for market to show the direction.
Recently alot of "favourite" stock got shot down, e.g Gallant, Ramba, Ausgroup, Cosco. Watch out for those that still looks strong, they probably be next e.g Osim, Sunvic, Sembmar. Make sure you always got your stoploss in hand.
Cosco closed 1.94, has been down for the 6th week. The chart looks like it is consolidating for the past 1 week, if break down, possible to reach 1.80. If 1.80 support is broken there will probable be more downside as it is going into a long term down trend.
Once 1.80 broken the chart also form a double top formation. Good candidate for shorting, short only when it break prior day low, stoploss can place at 2.02.


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