COSCO trying to break the resistance. Kijun Sen waiting at 10.20

COSCO has been trying to break the 9.74 resistance or 78.6% Fibonacci Retracement level but so far failed to do so. Kijun Sen line is still moving horizontally at 10.20 per share and may help pull the price out of the resistance. As we know, the magnetic power of this line is strong when it is moving horizontally.

But we should take extra care because some of our Ichimoku elements are still in bearish position which means that the spike may not be for long. In case it will hit the Kijun Sen line, we should check if there will be a bearish signal, in case none, then it will continue to move up.

Current support is at 9.38 which has been tested a couple of times.

RSI or Relative Strength Index is at 46

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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