Cosco – Chart looks Very Bearish!

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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!

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SGX – Bearish Convergence!

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SGX has started the correction. Standard Six Technical Indicators showed Bearish signal.

  • MACD showed Bearish Convergence.
  • RSI & Stochastic are heading south.
  • Parabolic SAR line on top of stock price.
  • Stock price is under 20D and 50D MA.
  • Stock price is at the lower Bollinger Band.
Immediate support at $7.65 and critical support at $7.028 (61.8% Fibonacci Retracement Level).
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FRE & FNM – Broke the critical support level!

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FRE & FNM broke the critical support level (61.8% Fibonacci Retracement level) after a KBW analyst downgraded the two to the firm’s lowest rating, cut price targets on both stocks to zero from $1. KBW said their common and preferred shares would be “worthless” given the nearly $100 billion they will continue to owe the government, even if recapitalized. FRE broke the critical support level of $1.705 and FNM broke $1.483 support level. Both stocks are below the 20D & 50D MA, all other technical indicators show bearish convergence.

I sold all my stocks to take profit after sighting a bearish convergence signal. I plan to buy back at a lower price when the down trend ends. I think the US government will continue to run the companies, and the companies will not go bankrupt. However, the value of their common and preferred equity will probably be re-capitalized. Thus, buying at a very low price limits the downside risk.
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