COSCO: Can this Neckline Support Hold?

  • Post author:

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.

Continue ReadingCOSCO: Can this Neckline Support Hold?

Straits Times Index (STI): A Big Correction Ahead?

  • Post author:

Straits Times Index (STI) has been trading within a Symmetrical Triangle for 3 months but broken down with a long bearish candle last trading day. This breakdown of a Symmetrical Triangle may send STI index down to 3,000 level which is also a psychological support level.

Also take note that the current STI is trading below all 4 Moving Averages (20D, 50D, 100D and 200D), 20D MA is crossing down 200D MA, MACD in Bearish Convergence region…. other technical indicators are also showing the bearish momentum of STI index.

I am bearish on STI in the coming weeks. Any BULL out there to share your view?

 

Continue ReadingStraits Times Index (STI): A Big Correction Ahead?