ST Engineering is testing the $2.96 resistance for the 2nd time. If this stock fails to break the resistance, a double top may be formed. Immediate support at $2.82 and critical support at $2.7.
Cosco breaks the Falling Wedge support and 200D MA support today. Stock price is at the lower Bollinger Band and MACD also shows Bearish Convergence.
Summary of analysts’ recommendation on Cosco Corp:
Cosco’s chart is VERY BEARISH and I am avoiding this stock totally. Not the right time and right price to buy for long term investment as the price may go lower!
UNG failed the breakout from the channel and returned to the falling wedge. $9.00 is a critical support level and if UNG bounces back from this support, a double bottom will be formed. If this support is broken, UNG will continue to go south to its historical low until the next support of $7.072. Formation of either a double bottom pattern or breakout from a falling wedge in a down trend will reverse a trend (i.e. the stock price will move up eventually). As I am planning to invest this ETF for long term, this analysis gives me some idea where I can accumulate more shares at a lower price.