Dark Cloud Cover on COSCO

COSCO is showing a bearish sentiment today via the Dark Cloud Cover candlestick pattern. Is this going to be the end for COSCO’s rally or just a headwind? Our immediate support is at 9.0 while the next one is near 8.37

The Ichimoku elements are still pointing upwards but notice that Kijun Sen is now moving horizontally which may pull the price near it. RSI or Relative Strength Index has already entered the overbought level this week so I think COSCO is bound to correct. I think it will be a healthy correction unless the 8.37 mark will be broken. We can take our profit and wait for it to bottom to buy more shares.

Caveat!

The following two tabs change content below.

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.

Leave a Reply

}