On Thursday, Cosco re-test the resistance at $1.83 and closed at $1.82 with LOW volume of 15.03 million shares traded.
A white candle stick with short upper/lower shadow indicates that selling has eased as bulls tried to break the resistance at $1.83 but failed.
Both RSI & MACD are bearish as RSI in oversold region.
Important Resistance of Cosco: $1.83
Immediate Support of Cosco: $1.77
Currently prices are resisted by 200 days MA
Since 19/Jan, prices has been trending downwards forming a “lower low” and “lower high”. This is a very bearish trend.
As of now, we do not see any signs of rebound due to the bearish market sentiment.
We would be watching the resistance at $1.90 for any signs of rebound before we can consider entry.
On Thursday, Singtel broke the critical support at $2.86 and closed at $2.85 ...
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