Looking at it now, gap at $4.02 - $3.90. Coincides with 61.8% Fibonacci retracement level. $4.02 is thus the target.
COSCO closed above the 25 day moving average on 28 March 2008, mirroring YZJ's move. And similarly the 50 day moving average level would be at 4.02. So the target is within reach. Amazing how similar the 2 ship related counters moved and closed according to their charts.
On the fundamentals front, COSCO's Vice President had said in a bloomberg interview that they had plans to increase their stake in COSCO Shipyard Group by 19.1%. Several directors had also bought COSCO shares from the open market at prices between 3.32-3.418 this week.
COSCO was also planning road shows for QDII funds.
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