On the initial COMPX decline, it went down to around 2144 (just eyeballing off intra-day chart), had a little rally/fade/rally....and then it came back down to 2142....on just floated there for a couple minutes....possibility of a double-bottom, but also, a possiblity of heading to new lower lows...
(Sorry, gut feel stuff but)...as I saw it skirting the line...it looked like decision-time to me....I've also noticed tendancy for "resolution" to happen around round numbers...if not 2100, then something like 2140...anyway....2140 gave it a couple pt. margin below 2 previous daily lows (2144, 2142),so one could have a little more assurance (albeit not much) of the validity of any down move......so I figured, if it fell off THAT table (to say 2136/7), there was nothing, no reason for the daily chart to hold up, and WE WERE GOING DOWN...
Don't know if that makes sense, but it makes sense to me, and I'll glad I covered....(although I may jump in here again, shortly- no pun intended-g) |
