Cosco Corp forms bearish “Symmetrical Continuation Triangle” chart pattern

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A “Symmetrical Continuation Triangle (Bearish)” chart pattern formed on Cosco Corporation (Singapore) Ltd (Singapore Exchange Securities Trading Limited). This bearish signal indicates that the price may fall from the close of 1.32 to the range of 1.00 - 1.06. The pattern formed over 22 days which is roughly the period of time in which the target price range may be achieved. Cosco Corporation (Singapore) Ltd has a current support price of $1.07 and a resistance level of $1.34.

A Symmetrical Continuation Triangle (Bearish) is considered a bearish signal, indicating that the current downtrend may continue. Prices form a converging pattern as they reach lower highs and higher lows. The technical event occurs when the price breaks out of the triangle formation to close below the lower (ascending) trendline, thereby confirming the pattern.

This bearish pattern can be seen on the following chart and was recognized by Recognia Inc.’s patent pending pattern recognition technology.

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