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.


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