COMPX
yes, it is indeed trading at the extreme oversold sentiments !!!! it broke the short term bear flag to the down side on thursday; and continued its course into friday's session !!! since friday was the option expiry, i suspected that it actually might have saved the mkt from being pushed any lower !!!! i currently have mixed signals between the intraday and the daily chart <nevermind the wkly and monthly - i dont hold that long <G>; but they're too trading at the oversold sentiments> !!!! one thing about the sentiment indicators; sometimes, they can be trading at the extreme overbought/oversold sentiments for awhile before the price actually reverses its course; take a look at the long term charts in the daily, weekly, monthly basis !!!! although compx did not print the reversal pattern on friday, it still trades above its upper trend line of the long term down trending fork !!!! then, coupled it to the fact that the intraday MACD/RSI are both trending with the positive divergences, it's not as bad as it looks, YET !!! unless these positive divergences are being negated, the upcoming short term rebound 'may' turn into an intermediate term up trending !!!! at the moment, i really expect compx to be bouncing between the trading range <hi @1970, lo @1814> until the FOMC meeting on tuesday !!!! then, i guess what the fed's going to do with the interest rate does matter <GG> !!!!
for the upside, i would keep an eye on the 61.8% short term retracement @1934+/- !!! should compx be able to break it <without first making a lower low; friday low was 1877+/->, there's a chance that compx may ascend higher to test its lower trend line of the s/t bear flag between 1953 and 1970 on monday !!!! coincidently, these 2 figures also represent the 50% and 38.2% s/t retracements <i'll list 'em out later> !!!!
on the other hand, should compx descend lower, keep an eye on the 1.382% retracement of the broken bear flag @1881+/- !!! if compx cannot hold this support on monday, the lower supports are @1868, and @1855 respectively !!!! these 2 supports represent the fib retracements, but they'll also represent the supports on the upper trend line of the long term down trending fork !!!! again, if it cannot hold the support @1855+/-, the lower 'strong' support ought to be @1814+/- !!!! please note that the 1990 up trend line also yield a strong support in the monthly chart @1814+/- !!!!
now, if compx heads lower and breaks the current low @1877+/-, the following retracements will be altered !!!! i cant promise ya, but i'll try my best to post an update on monday as soon as it's being changed !!! so for now .........
january broken wedge betw 2892-2250
123.6% - 2098
- 2005
- 1929
161.8% - 1853 ***
- 1760
200% - 1608
broken s/t bear flag betw 2030-1922
123.6% - 1897
- 1881
- 1868
161.8% - 1855 ***
- 1839
200% - 1814 *****
S/T betw 2028-1877
- 1992
- 1970
- 1953
- 1934
I/T betw 2244-1877
- 2157
- 2104
- 2061
- 2017
L/T betw 2593-1877
- 2424
- 2319
- 2235
- 2151
L/T betw 2872-1877
- 2637
- 2492
- 2380
- 2257
gaps
betw 2004-2041 <partially filled>
betw 2124-2161
betw 2536-2457
'94-95 up trend line @1810+/-
'90 up trend line @1350+/- <1998 low was @1357+/->
observation only .... and i'm usually wrong !!!
regards and good luck,
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