COSCO falling to 127.2% Fibonacci Retracement level

COSCO has been falling since we saw it reach 11.34 last October 2013 The possible double bottom was also breached after few days of consolidation. Today it fell by 3.2% almost hitting the 8.36 which is a potential point to reverse. This is the 127.2% Fibonacci Retracement level and we need to see a bullish candlestick to compliment with the support level. If this will be breached, the next major support will be very low so just prepare your cutloss plan in case it will turn sour.

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.

One Response to COSCO falling to 127.2% Fibonacci Retracement level

  1. […] has turned sour since we saw it falls to 127.2% Fibonacci Retracement level last January 20. Looks like it is heading for the 161.8% Fibonacci Retracement […]

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