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!

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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