COSCO on Kumo Break

COSCO continue to move up the ladder registering a 3% advance today. It broke the 9.50 per share resistance or the 78.6% Fibonacci Retracement level. This becomes our newly found support. Resistance is now at 9.90. Due to RSI or Relative Strength Index that is already at 79, we might see some corrections. We are still expecting some action near 9.50 because of previous action found at this level. If the support will hold, we will see it move up another ladder where not much of an action took place previously.

Today’s price action also gives a bullish signal via the Kumo Break. At this point we would like to say that any dip is an opportunity to buy as COSCO is poised to hit two digit price soon.

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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