The fact that Cosco Corp has hovering around $2.3x for the last few days has give some cash rich investors a good reason for bottom fishing.
The collapsed of Cosco Corp share price is unwarranted to some extend. However, in view of “the break below $2.80 indicates a target of $1.70 based on a measured move”, I would rather err on the safe side. The failure to rebound to higher ground after a huge sell down reflects a very weak buyer in the market.
Olympic has failed to bring stock rally before the event. It may be a better choice to enjoy the game now.
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