Cosco has formed a “Lower High, Lower Low” bearish chart pattern and confirmed the down trend. COSCO has recently broken 200D MA support and 61.8% Fibonacci Support with immediate resistance at about $1.88. If COSCO continues to stay below $1.88, next support is at about $1.72.
See last analysis on COSCO HERE.
COSCO Corp seems like have broken the uptrend support and trading about $2.10 (78.6% FR Level). If COSCO cannot rebound from this level and break the $2.20 resistance (Uptrend support turned resistance and 50D MA resistance), COSCO may start the trend reversal and the next support is at 61.8% FR level at about $1.885.
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.
