COSCO hit a high of 3.92 on 2 April 2008. This was very close to the 50 day MA. Subsequently retracing and consolidating.
Looking at the time frames and angles it appears that COSCO might be retracing back to $3.40? That's where the 25 day MA is as well as it being somewhere between 50% and 38.2% fibonacci retracement levels.
From symmetry of the waves it might happen on Monday or Tuesday?
Nevertheless I will be aiming to buy COSCO back at 3.40 or below.
No comments:
Post a Comment