COSCO facing a strong headwind. Seeking support at Kijun Sen line

COSCO is facing a strong headwind during the recently concluded week that brought the price down to 9.43 per share, a 4.1% drop from previous week. The drop sends the price to the Kijun Sen line which acts as a support. This is considered a test of newly found support after the previous break from this line. But a break from this support will register a strong bearish signal call the Kijun Sen Break.

Remember we still don’t have a green signal from Ichimoku elements on weekly chart so a bearish sentiment is still in the air. Notice that Chikou Span is currenlty moving below the price and we need a close at 10.26 to at least create a bullish atmosphere. It would be a good decision to protect your profit for now and monitor the next candlestick.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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