COMPX Gapped up, filled the gap, and ascended higher to close near its high @3014+/-. Pretty bullish in the ""intermediate term basis"" indeed !!! now, get those short term bullish sentiments outta your systems for now, I don't know <actually I don't expect, or otherwise I wont be holding my short positions - GGG> if the compx can continue to rise higher without consolidation first !!! although the compx closed positive today, its short term intraday sentiments are in the overbought territories !!! its high today was a hair below one of its 2 strong down trend line resistances <the upper band of the wedge; not the descending trig> !!! I posted last nite that I do suspect that the short term top maybe printed today, and I'm not backing off … although I did suspect that the short term peak today would be at the lower resistance @2947+/- instead of the lower trend line of the long term descending trig @3030+/- !!! however, i wouldnt disregard the fact that it may actually go up to test the upper down trend line of the wedge which ought to be @3050+/- tomorrow; but be careful not to buy into the bulltrap if it cannot confirm that it will break and close above that strong resistance !!!
so, the compx went all the way up to testing its resistance horizontal trend line/lower trend line of the descending trig @3030+/-, but failed to penetrate through it !!!! I don't know what u did today, but like I mentioned last nite, I did take my short term profit off my long positions and went short <luckily near its high of the first half of the trading session, which is pretty close to the high of the second half of the trading session> !!! now, I'm not saying that I'm rite and u're wrong; I just don't feel comfortable seeing a 3 unfilled intraday gaps, and 2 unfilled daily gaps in addition to the intraday short term overbought sentiments being there without the down trending consolidation to fill it <G> !!!! again, like what i mentioned last nite, i do expect the upcoming consolidation will be a short one just to fill some of the gaps it left behind on its way up here !!!
So … it printed a higher high today; u can disregard those supports/resistances i posted last nite and use this set of figures for tomorrow <of course, only if u think u believe my guesses - GGG> !!!! keep an eye on the following resistances/supports <especially those with ###> in the next few days !!! however, should the compx prints a higher high, i'll be updating a few supports/resistances accordingly tomorrow :
* 3254 - horizontal trend line; 23.6% retrace betw 3480-2523
* 3220 - horizontal trend line; 61.8% retrace betw 3535-3026
* 3200 - horizontal trend line
* 3186 - horizontal trend line; 61.8% retrace betw 4259-2523
* 3150 - horizontal trend line
* 3114 - 38.2% retrace betw 3480-2523
* 3100 - horizontal trend line
* 3075 - horizontal trend line
* 3047 - horizontal trend line; long term down trend line/upper band of the falling wedge; 23.6% retrace betw 3209-2523 <#####>
* 3030 - down trend line of the ascending trig/horizontal trend line <#####>
* 3030 - horizontal trend line support/resistance of the long term descending trig !!
* 3000 - horizontal trend line; 50% retrace betwe 3480-2523 <#####>
* 2980 - horizontal trend line
* 2947/2950/2952 - 36.2% retrace betw 3209-2523; horizontal trend line; 23.6% retrace betw 3028-2707 <#####>
* 2925 - horizontal trend line
* 2905/2908 - 38.2% retrace betw 3028-2707; 23.6% retrace betw 3028-2523 <#####>
* 2888/2886 - 61.8% retrace betw 3480-2523; 23.6% retrace betw 2998-2523 <#####>
* 2868/2866 - 50% retrace betw 3028-2707; 50% retrace betw 3209-2523
* 2844 - upper gap support
* 2835/2829 - 38.2% retrace betw 3028-2523; 61.8% retrace betw 3028-2707 <#####>
* 2816 - 38.2% retrace betw 2998-2523
* 2799/2800 - horizontal trend line; 50% retrace betw 5132-1357
* 2795 - lower gap support <#####>
* 2785 - 61.8% retrace betw 3209-2523 <#####>
* 2776 - 50% retrace betw 3028-2523 <#####>
* 2767 - current 10dma; ought to be a bit higher and closer to the 2776 tomorrow !!!
* 2760 - 50% retrace betw 2998-2523
* 2716 - 61.8% retrace betw 3028-2523 <#####>
* 2704/2707 - short term bottom; horizontal trend line; 61.8% retrace betw 2998-2523 <#####>
* 2694 - upper gap support
again .. should it be able to break one, shoot for the next resistance/support !!!
all in all .. it's just my humble opinion; and i maybe wrong !!
regards,
auto
ps. not an advice to buy/sell any securities !! |
