Cosco: CIMB has Technical Buy Call. Note that despite recent pullback, Cosco still holding steady in bullish flag pattern. Selling pressure appears to be well-contained and think stock is bound for one more upleg. Prices need to swing past its 30-day and 50-day SMAs to reaffirm bullish stance.
Bullish divergence on the MACD indicator suggests that selling pressure is tapering off while RSI has also hooked upward. Once the 50-day SMA (now at $1.88) is taken out, expect prices to charge towards $1.97. The 200-day SMA at $2.05 is also a magnet for prices. As long as prices remain above its recent swing low of $1.71, think the odds still favour the bulls. Stop loss levels are $1.60 and $1.52.
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