COSCO heading for a new level

COSCO went up by 5.1% from previous week closing at 10.46 per share. After 2 weeks of dealing with the 61.8% Fibonacci Retracement level, COSCO clearly broke from that level and may challenge the 78.6% Fibonacci Retracement level around 10.51 What is promising with this stock based on technicals is its possible rise to 13.05 where the flat Kumo is. Of course it will not go up in a straight line but as long as the flat Kumo is still there, the chances of it pulling the price up is great.

The Tenkan Sen line which crosses above the Kijun Sen line last week continue to point upwards. This is regarded as a weak bullish bias. Notice also that the Chikou Span is about to move above the price. It will happen only if price will break the 10.51 resistance. So this is very crucial.

Current RSI or Relative Strength Index is at 66.6 based on a 10-day period. We may experience a test of newly found support so be careful.

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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