Tuesday, December 30, 2008

Cosco - hit long term downtrend resistant

I saw it hits the long term resistant of $1.04.
Drooling...... waiting for the turn.

Ideally should short at $1.04 , if u are garang enough.
Break out with volume cut at $1.05.
Lose 1 bid.
Tomorrow resistant at $1.03
Only scared of window dressing now.
May still got momentum to go up.
Now like supported at $1.02. (See hourly and 30 mins chart)
If breaks, shorting at $1.01 like lesser meat, given $1 is a support also.
Which one will you choose? $1.04 or $1.01? That depends on how much risk you can take, and how big is your appetite too.
If I short, I would short at $1.04. risk is only 1 bid. (might not get the price when the upward momentum is gone)
If I shorted at $1.01, my cut loss price is still $1.05.
I still think shorting at resistant is safer.
Your strategy might be different from mine.

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