Costco Shipping Holdings (HKEX: 1919) technical price action sees a potential rebound to the upside after a corrective downside has found a bottom after technical indicate a potential upside:   

1. The larger bullish flag from June 2021 to present indicate a bullish continuation pattern.
2. Inverted head and shoulder formation was spotted right above the support zone at HK$8.86-HK$9.75. Moving to the right shoulder, strong bullish candle was spotted and with such momentum, the neckline resistance at HK$11.90 is likely to break up above.
3. The bullish candle also find immediate support right above the Tenkan-Sen.
4. Fibonacci retracement shows that 38.2% retracement level is closely confluencing with the neckline resistance and offers a strong break to the upside.

*Expected timeline of the trade is 15 weeks from the date of report issuance.

CHART LEGEND

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line