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On Friday, Cosco re-test the resistance at $1.99 and closed at $1.94 with HIGH volume of 38.28 million shares traded.
A black candle stick with short upper/lower shadow affirms that the investors has no qualms on selling the stocks.
Both RSI & MACD are turning flat as RSI to trend sideways.
Important Resistance of Cosco: $1.99
Immediate Support of Cosco: $1.90
Currently prices are resisted by 200 days MA at $1.99
Prices
went through ............ READ MORE
Sevan Marine share price soar 68% last Friday.
hpong5 ( Date: 29-May-2011 10:23) Posted:
| BBs have been selling down cosco since sevan marine started facing problems a couple of months back. They must have made tons of money when cosco plunged when the news became public. |
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BBs have been selling down cosco since sevan marine started facing problems a couple of months back. They must have made tons of money when cosco plunged when the news became public.
This is Singapore Share UP UP Down Down Up down Up
Reduce TP 1.53 Nomura
Underperform Tp 1.60 Credit Suisse
DBS Vickers TP $2.86
Low Tp = $1.53
High TP =$ 2.86
Total Tp = $1.53 + $ 2.86 / 2= $ 2.19
shares rise strong gains after profit earnings ( Sell )
negative news falls on worries
Analysing the News NEW projects NEW customer Still profit ( Buy )
can say this is good news to Coscocorp.
This year cosco already got more 600 million US$ offshore contract.
Sevan drilling is just one of signed LOI, not officially sign contract with cosco.
why so many people panic?
Even Sevan not sign contract with cosco, cosco still get more and more offshore business from other
company due to high price oil in the future.
we buy stocks is we buy the company future.
Still keep strong confidence to this counter, another sembmarine this year.
hpong5 ( Date: 28-May-2011 17:50) Posted:
Jens Ulltveit-Moe bought 26.5 million shares Friday in Sevan Marine to become the second largest shareholder in the company. The acquisition was announced at. 1:11 p.m. and before that the stock had hovered around 50 cents, which may indicate that the purchase, if for example, was conducted Thursday and Friday, Ulltveit-Moe cost around 14 million. It traded 108.2 million shares in the company Friday and Sevan Marine was today's winner in Oslo Friday, with an increase of 68 percent. The promise also lifted the market value of 452 million and Ulltveit-Moe's stake to a value of 22.8 million. There will probably be daunting when the company will now be salvaged. DnB NOR offered earlier in the week to conduct a private placement of 275 million dollars, equivalent to 1.5 billion. How the company will be salvaged, it is perhaps no one knows yet, but about 1.5 billion in new equity is the solution, suggests that Ulltveit-Moe must cough up 75 million to oprettholde its stake. Or maybe he aims even higher? Risk investor says to Finansavisen that he understands that there may be an unhappy end in Sevan Marine, as was the Crew. - I observe from the outside that the economic structure is very difficult, to say the least. They are on the edge of the cliff, "he said. He says to DN Saturday that he has seen Sevan for a long time, but that it has been too expensive until now that it cost "nothing". He also says that he has followed the company for 25 years, is impressed with the technology, but said that funding is miserable. Ulltveit-Moe said the newspaper now that he thinks the bond vultures can go on to take a loss to a gain in the long term. When asked if he owns the bonds are the answer - no comment.
Jackpot2010 ( Date: 28-May-2011 15:06) Posted:
'White knight' rides in for SevanUpstream staff & News reports
High-powered Norwegian investor Jens Ulltveit-Moe has reportedly acquired a stake in floundering floating production outfit Sevan Marine.
Apparently flouting analysts’ advice to steer clear of shares in the bankruptcy-threatened company, Ulltveit-Moe bought 26.5 million shares, equivalent to a 5% stake, through his outfit Umoe Shipping & Energy, TDN Finans reported. However, he told the Norwegian wire service: “It is undoubtedly risky and there is an undoubted risk of bankruptcy here.” The move may raise hopes of a rescue for cash-strapped Sevan, which has seen its share plunge on the Oslo Stock Exchange and is in urgent financial restructuring talks after a planned $275 million share issue was pulled. The company faces a liquidity crisis as it struggles to service huge debts of about $950 million while facing increased upgrade costs for its trademark cylindrical floating production, storage and offloading unit Sevan Voyageur. Ulltveit-Moe told TDN: ”The company has an impressive technological base and I know the founder. I feel that there is very much strength in the company in terms of competence and assets, although the financial structure is impossible.”
Sevan founder Jan Erik Tveteraas stepped down as chief executive of subsidiary Sevan Drilling earlier this week.
14:24 GMT 27. May 2011 | last updated: 14:30 GMT 27. May 2011 |
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In general, Monday - a sell down, then an annoucement on bad accounting and a contract win. This stock is split between sell on rumour and buy on news. The overall candlestick is mixed, and indicators show it is side trading. CoscoCorp tends to pullback after 200D MA, let wait whether it will break historical 2.05. The last historical low is 1.8 and the new support is 1.89.
In general, STI index is flat, therefore trading is getting wig-saw. Good luck.
Read my TA for your other views - ckhpaul.blogspot.com
Jens Ulltveit-Moe bought 26.5 million shares Friday in Sevan Marine to become the second largest shareholder in the company. The acquisition was announced at. 1:11 p.m. and before that the stock had hovered around 50 cents, which may indicate that the purchase, if for example, was conducted Thursday and Friday, Ulltveit-Moe cost around 14 million. It traded 108.2 million shares in the company Friday and Sevan Marine was today's winner in Oslo Friday, with an increase of 68 percent. The promise also lifted the market value of 452 million and Ulltveit-Moe's stake to a value of 22.8 million. There will probably be daunting when the company will now be salvaged. DnB NOR offered earlier in the week to conduct a private placement of 275 million dollars, equivalent to 1.5 billion. How the company will be salvaged, it is perhaps no one knows yet, but about 1.5 billion in new equity is the solution, suggests that Ulltveit-Moe must cough up 75 million to oprettholde its stake. Or maybe he aims even higher? Risk investor says to Finansavisen that he understands that there may be an unhappy end in Sevan Marine, as was the Crew. - I observe from the outside that the economic structure is very difficult, to say the least. They are on the edge of the cliff, "he said. He says to DN Saturday that he has seen Sevan for a long time, but that it has been too expensive until now that it cost "nothing". He also says that he has followed the company for 25 years, is impressed with the technology, but said that funding is miserable. Ulltveit-Moe said the newspaper now that he thinks the bond vultures can go on to take a loss to a gain in the long term. When asked if he owns the bonds are the answer - no comment.
Jackpot2010 ( Date: 28-May-2011 15:06) Posted:
'White knight' rides in for SevanUpstream staff & News reports
High-powered Norwegian investor Jens Ulltveit-Moe has reportedly acquired a stake in floundering floating production outfit Sevan Marine.
Apparently flouting analysts’ advice to steer clear of shares in the bankruptcy-threatened company, Ulltveit-Moe bought 26.5 million shares, equivalent to a 5% stake, through his outfit Umoe Shipping & Energy, TDN Finans reported. However, he told the Norwegian wire service: “It is undoubtedly risky and there is an undoubted risk of bankruptcy here.” The move may raise hopes of a rescue for cash-strapped Sevan, which has seen its share plunge on the Oslo Stock Exchange and is in urgent financial restructuring talks after a planned $275 million share issue was pulled. The company faces a liquidity crisis as it struggles to service huge debts of about $950 million while facing increased upgrade costs for its trademark cylindrical floating production, storage and offloading unit Sevan Voyageur. Ulltveit-Moe told TDN: ”The company has an impressive technological base and I know the founder. I feel that there is very much strength in the company in terms of competence and assets, although the financial structure is impossible.”
Sevan founder Jan Erik Tveteraas stepped down as chief executive of subsidiary Sevan Drilling earlier this week.
14:24 GMT 27. May 2011 | last updated: 14:30 GMT 27. May 2011 |
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By Channel NewsAsia, Updated: 27/05/2011
Lim Wee Kiak withdraws, apologises for remarks on ministerial pay
Dr Lim Wee Kiak
SINGAPORE: Member of Parliament for Nee Soon GRC, Dr Lim Wee Kiak, has withdrawn and apologised for his recent remarks on ministerial pay.
Dr Lim said on further reflection, he agreed that the example he quoted regarding a minister from the Ministry of Information, Communications and the Arts meeting the heads of telcos and saying that there may be
some loss of face if the minister’s salary is low is inappropriate and incorrect.
In a statement on Friday,
Dr Lim said dignity cannot be and must not be measured purely in monetary terms. He said a minister’s pay is a sensitive issue and is one that many are concerned about.
Dr Lim also clarified his comments made to Lianhe Zaobao, which were reproduced in Lianhe Wanbao.
He said he made three fundamental points.
One, that Singapore needs a balanced approach to the question of ministerial pay.
Two, that he personally felt that pay and perks should not be used to attract capable people to come forward to serve. He agreed with Prime Minister Lee Hsien Loong that
there is a service to country element and an element of sacrifice expected for the ministers by the public.
And three, that their responsibilities and job scope must be taken into consideration in the remuneration for ministers.
—CNA/ac
'White knight' rides in for Sevan
Upstream staff & News reports
High-powered Norwegian investor Jens Ulltveit-Moe has reportedly acquired a stake in floundering floating production outfit Sevan Marine.
Apparently flouting analysts’ advice to steer clear of shares in the bankruptcy-threatened company, Ulltveit-Moe bought 26.5 million shares, equivalent to a 5% stake, through his outfit Umoe Shipping & Energy, TDN Finans reported. However, he told the Norwegian wire service: “It is undoubtedly risky and there is an undoubted risk of bankruptcy here.” The move may raise hopes of a rescue for cash-strapped Sevan, which has seen its share plunge on the Oslo Stock Exchange and is in urgent financial restructuring talks after a planned $275 million share issue was pulled. The company faces a liquidity crisis as it struggles to service huge debts of about $950 million while facing increased upgrade costs for its trademark cylindrical floating production, storage and offloading unit Sevan Voyageur. Ulltveit-Moe told TDN: ”The company has an impressive technological base and I know the founder. I feel that there is very much strength in the company in terms of competence and assets, although the financial structure is impossible.”
Sevan founder Jan Erik Tveteraas stepped down as chief executive of subsidiary Sevan Drilling earlier this week.
14:24 GMT 27. May 2011 | last updated: 14:30 GMT 27. May 2011
What is your stop loss this time? You bought at 1.89 right?
Isolator ( Date: 28-May-2011 01:57) Posted:
If I say Cosco will be climbing up strongly next week.. Will anyone believe me? Dont understand why keep posting the same news here...Anyway, Expect the Unexpected.... Enjoy.... |
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Strongly? Maybe you want to share with us, till what price that it may climb strongly to?
Isolator ( Date: 28-May-2011 01:57) Posted:
| If I say Cosco will be climbing up strongly next week.. Will anyone believe me? Dont understand why keep posting the same news here...Anyway, Expect the Unexpected.... Enjoy.... |
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I believe! Loaded some today. Cheers.
If I say Cosco will be climbing up strongly next week.. Will anyone believe me? Dont understand why keep posting the same news here...Anyway, Expect the Unexpected.... Enjoy....
saw one chun chun blogsite -
http://sgxswinger.blogspot.com/ it predicted this cosco crash to 1.80 on 18 april when cosco is at 2.39 . also predicted genting crash after earnings and a few others as well ..
TA looks bad. Latest news lagi worse.
Time to jump ship?
Reduce TP 1.53 Nomura
Underperform Tp 1.60 Credit Suisse
Cosco faces loss of $1bn rig contract from Sevan
Singapore: Shipbuilder Cosco Corp could suffer from a $1.05bn loss of contract to build two oil rigs from its customer Sevan Marine, which is currently facing severe financial difficulties. The Norwegian oil services group Sevan Marine said on Thursday it had cancelled its planned $275m rights issue and was seeking restructuring as it could not meet its project liquidity and financing requirements. Singapore-listed Cosco Corp had in March signed an agreement to build two rigs for Sevan Marine's unit Sevan Drilling. Jan Erik Tveteraas, ceo of Sevan Marine, has also resigned “for personal reasons”, the company said. Sevan Drilling has one rig currently under construction at Cosco's yard as well as a letter of intent for two rigs plus option for two additional rigs. Cosco could be affected by Sevan Drilling's inability to continue with $172m of financing needed within a year's time for the construction of the rig Sevan Brasil, according to JP Morgan. Sevan Drilling would also find it hard to fund the remaining 80% for the contract of the two rigs and not likely to exercise the option. Sevan Drilling currently accounts for 8% of Cosco's current orderbook. Including the new contracts for the two rigs, Sevan Drilling would account for 20-22% of Cosco's orderbook. [27/05/11]
Isolator ( Date: 27-May-2011 18:10) Posted:
| Today is down, but no worry as it is still within the support... It is a pity that rebound has been delayed so many times by so many " funny" news... Nice play... But it is not going down further.... Next Monday onwards it is going to rebound up as there is no much space to go down now.... Dont worry and have a relax weekend..... |
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coc retracement is in danger of bleaching the 2 years major uptrend line
if price dip below 1.90
today negative close resulted in a lower high formed yesterday
outlook bearish with macd, stochk & rsi turning downward
if bleach next resistance 1.79...1.74
broadfeet ( Date: 23-May-2011 21:15) Posted:
cosco pierce 200ema & closed on e upward trendline drawn Mar09 & Mar11
this line must not break else 1.79...1.74
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Today is down, but no worry as it is still within the support... It is a pity that rebound has been delayed so many times by so many " funny" news... Nice play... But it is not going down further.... Next Monday onwards it is going to rebound up as there is no much space to go down now.... Dont worry and have a relax weekend.....
WTH...left hand sell right hand buy isit?
| 17:05:01 | 1.940 | 1,303,000 | Buy Up |
| 16:59:53 | 1.940 | 1,000 | Buy Up |
| 16:59:44 | 1.940 | 3,000 | Buy Up |
| 16:59:42 | 1.940 | 8,000 | Buy Up |
| 16:59:27 | 1.940 | 9,000 | Buy Up |
| 16:59:25 | 1.940 | 10,000 | Buy Up |
| 16:59:17 | 1.940 | 1,000 | Buy Up |
| 16:59:16 | 1.940 | 5,000 | Buy Up |
| 16:59:07 | 1.940 | 1,325,000 | Sell Down |
i wont be sad if i miss the boat..
but i will be sad if i board a pirate boat :P
chemster ( Date: 27-May-2011 16:24) Posted:
| if you cannot wait... then buy. don't later miss then boat then you sad. |
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