COSCO: Reached Two Years High!

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COSCO has been bullish for the past few days and reached two years High! Currently COSCO is testing two years high resistance at about $1.87. If this resistance cannot be broken, COSCO may fall back to the long term uptrend support at about $1.60. This level is also a 78.6% Fibonacci Retracement Level.

In oder to build a strong base to continue COSCO up trend, the chart pattern must show $1.87 turns from resistance to become support. Current level is a high risk entry level and definitely is not a right entry level for me.

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Swiber: Breaking Out!

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Follow up on Swiber last analysis. Swiber looks like breaking out from a Descending Triangle. Currently Swiber retraces back to test the support at the breakout point at about $1.05.  This is a very important four-in-one support where 20D, 50D, 200D MA and 78.6% Fibonacci Retracement Level meet at this level.

Things to watch out for:

  • Look for trend reversal candlesticks when rebound from this support level.
  • If Swiber reverses and breaks the recent new high of $1.15, the breakout is successful and the price target is about $1.30.

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