well .... there goes the support @3520+/- !!! anyway, i havent yet changed my mind from last nite till i'm proven wrong <tomorrow>, that i suspect that the short term bottom was printed at the low today <which unfortunately was rite before the mkt closed - GG> !!!
so the compx closed rite at the support @3460+/- <closed @3455 to be exact> !!! the stronger support underneath ought to be at the horizontal trend line support, which will also be the lower band of the intermediate term down trending channel @3400 tomorrow !! if we are going to be gapped lower tomorrow, i could have sworn that the 3400+/- will not be broken <cuz if it did, forget about everything, and i'll see ya @3042 - GGG> !!! on the other hand, should we get the upgap tomorrow, the same support @3460+/- should provide a strong intraday double bottom support !!! yes, i am short term bullish <but, i just dont know how short yet - GG> !!!
in addition to the oversold sentiment indicators, compx did overshoot the 20/2% lower bollinger band today !! generally, when the stk <or index in this case> overshoots either the lower or the higher band of the bollinger, it'll normally retrace back to retest its 10dma first !! if it can break and close above its 10dma, it'll usually head higher <or lower if coming down from the upper band> !!! thus, in the case of compx, it ought to head back up to retest its 10dma currently trailing @3709+/- !!! no, i didnt mean that it'll head rite to the 10dma tomorrow <too far i think - GGG>, but it'll head higher into that direction !!!! gang, if u look at today's chart .. the compx printed the 3 consecutive black candles which indicates the intermediate term bearish trend !!! but, dont get too bearish just as yet !! intermediate term bearish or not is really depended on how much higher can the compx rebounce in its short term basis !!! furthermore, if u print out and draw the channel of the current down trending, the compx is descending with the 1-1 45 degree bearish gann angle !!! it is important to break the upper band of the channel in order to establish a new up trend which ought to be @3660+/- tomorrow <and gradually declining since it is a down trend line> !! again, i dont mean that it'll go all the way up there tomorrow, but that down trend line is one of the main concern at the moment !! anyway, lets not get into that yet !! lets concentrate on what's gonna happen tomorrow first, shall we <G> !!
keep in mind that there are several resistances it has to break prior to testing its 10dma <which should be lowered by the following day> !!! here's the combined supports/resistances of the fib and trend lines <has been altered from yesterday's post a bit since the compx did print a lower low today> :
- 3380
- 3400
- 3460
- 3500
- 3520
- 3577
- 3616
- 3629
- 3654
- 3666
- 3683
- 3701
- 3719
- 3737
- 3761
- 3804
<think those should be more than enuf to cover the price fluctuation tomorrow - GG>
all in all ... this massage is just my humble opinion; and i could definitely be wrong !!
regards and good luck,
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