COSCO has broken the $1.80 neckline support of the Double Tops. If COSCO cannot break above this $1.80 support turned resistance level, the Double Tops formation will be confirmed with a breakdown price target of $1.32.

See previous post of COSCO when the direction is turning down.

Currently COSCO is turning down after hitting $1.96 resistance. Next immediate support is $1.86 which is also the 61.8% Fibonacci support and 20D MA support. The Double Tops chart pattern is still at sight unless COSCO can stay above this neckline for the next few weeks.

COSCO has failed to break the 200D MA resistance and bounced down to test the neckline of the Double Tops chart pattern now. COSCO may rebound from this neckline support to test 20D MA resistance.

Things to watch:

• Whether COSCO can break above this 20D MA resistance.
• Whether COSCO can break this neckline which is also the significant 61.8% Fibonacci Support.

Breaking the neckline confirms the Double Tops Formation and the break down price target is $1.32.

Also see previous analysis on COSCO here.