Cosco is approaching resistance level of $1.47 again. The stock price broke through $1.39 on 8 Jun 09. However bargain hunters emerged on the 9 Jun 09 and the rebound took it back above $1.39. The stock chart has been making higher highs and higher lows since it bottomed out in early March.
Cosco needs to take out the price level of $1.47. If it is able to take out this level on high volume, the next target level is at $1.72 which is the Fibonacci target objective level.
Another thing to note is that one of the substantial shareholders Lee Fook Choy bought 150,000 shares at $1.33 on Jun 10. In addition, Cosco is scheduled to deliver its Sevan 650 round rig at the end of this month.
Cosco needs to take out the price level of $1.47. If it is able to take out this level on high volume, the next target level is at $1.72 which is the Fibonacci target objective level.
Another thing to note is that one of the substantial shareholders Lee Fook Choy bought 150,000 shares at $1.33 on Jun 10. In addition, Cosco is scheduled to deliver its Sevan 650 round rig at the end of this month.
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