Verdict – Short-term Bearish.
China Wuxi Cobalt corrected significantly during the early Asian morning session with increasing volume. The slow stochastic KD created dead cross on overbought area in Jan 15th. CCI created double top in Jan 15th. Daily MACD was narrowing and potentially create dead cross in next few trading hours. Daily candles created several highs during past weeks, however the correction broke important support at 305.5, the neckline level, indicating a mid-run corrective phase potentially came.
The first support is 283.5. The first resistance is 305.5
