Cosco...

I was having my afternoon tea at a small resatuarant today. The restaurant is called Hippo at Circuit Road doing stir fried dishes for lunch and dinner. I got to know the business owner since I frequent the place quite often because the food is relatively cheap and very tasty.

The last time I visited we discussed on a counter Cosco, that was more than a month ago when Cosco was at 1.17 level. The owner entered the counter after it fell from 1.24. I have exited the stock a some time after it failed the resistance of 1.34. The counter has also touched 1.11 twice.


Fig 1 Cosco Daily Chart

The set up result in the creation of 2 triangle, one symmetrical triangle which Cosco has broken. Cosco has also touched 1.11 twice, which makes a descending triangle formation. The target for the symmetrical triangle is 0.932 while descending triangle 0.719.

Cosco has recently broken 1.11 only temperarily, it may indicate a break down of the triangle. However, the indicators are toppish and descending. I am likely to believe Cosco will again drop below 1.11 and head for its target.

Indication of the break down of this counter is the upper envelop of the triangle, estimate at about 1.21.

The owner is still hessitated if he should let go of the counter, I urged him to be careful when I left the shop.