Weekly deliberation on Cosco

Cosco has risen quite a bit recently, and speculation has resulted from CNA forum on revision of its objective to 2.00 then 2.30.So does Cosco worth that much? If you see me writing it this way, you might be expecting something different by now.


Fig 1 Cosco Weekly Chart
I am looking at Cosco using the higher time frame of weekly chart to see the longer term trend. Sadly the first thing I saw was an advance block pattern with a confirmation.

At the same time, if I consider its double bottom break up measurement, it has already reached its peak, I do not see any other pattern supporting further height.

Further to that, both RSI and Stochastic has peaked and is reversing. Whats more, it is crossing the negative gradient of the Gann Grid.

With such vase number of resistance, I am afraid Cosco has seen its peak for now and is reversing.

Of course there is one more scenario, Cosco might be congesting making a flag for its next move. Still it will have to pull back for a while. Bare in might taht we are still referring to a weekly chart, so things might not move that rapidly as I have mentioned.