COSCO still consolidating

COSCO is still struggling to move up and has been stuck to its support area around 23.6% Fibonacci Retracement level or 9.48 per share. It has been three days now that Kijun Sen has been stopping the price from moving upward.

All elements of Ichimoku are still in a bullish position and I think if price can close above the Kijun Sen line then COSCO will be able to rally to 10.10 per share. But until then we will just monitor this stock. For those who have COSCO may still continue to hold.

In case bulls will give up, next support will be around 9.10 per share. RSI or Relative Strength Index is at 51

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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