COSCO hit 8.3x before retracing. Will the Dark Cloud cover be confirmed?
COSCO reached the 8.3x (COSCO: Is the flight to 8.30 clear?) mark before retracing and closing at 8.10 The Kijun Sen which attracts the price to go up is now considered our resistance together with the 127.2% Fibonacci Retracement level.
The movement today may bring the price lower if the Dark Cloud formation will be confirmed tomorrow. But possible scenario is that it will create a higher low and develop an upward channel. The reason for this speculation is that the Kijun Sen line on weekly chart is still moving horizontally at 9.40 Unless it will be bent, then its power to attract the price will become weak.
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