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.

COSCO Corp is forming a Double Tops chart pattern which is a trend reversal chart pattern. The neckline is at about $1.86 which is the 61.8% Fibonacci Support Level. Breaking below this neckline will confirm the Double Tops formation and will send Cosco share price down to target price of $1.32.

Please also take note that COSCO has broken the 200D MA support and will be retesting this 200D MA. If this 200D MA support turned into resistance, COSCO will start the down trend and head towards the neckline.