Will the Kumo help support COSCO?
After reaching 11.06 per share, COSCO has retraced and reached the 78.6% Fibonacci Retracement level. This could be a bouncing area for COSCO plus the Kumo is also acting as a support. Candlestick formation does not show any reversal pattern so we still need to see what will be tomorrow’s candlestick.
Based on Ichimoku system, the Chikou Span is about to go below the price. If that will happen, Chikou Span will register a bearish signal so in order to stop this one, price should at least close above 10.2
In case the bulls will be able to reverse the trend, there is a chance COSCO will make it to 11.4x. On its downside, it may also be pulled by the Kijun Sen line on our weekly chart at 9.26
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