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.