COMPX - 03/22/01
the low printed today was @1820+/-, which is a hair away from the strong support on the 1994-1995 trend line, the upper trend line of the january down trending fork, and 200% retracement since it broke the short term bear flag betw 2030-1922 !!!
most of ya know that i went long today; thus, i guess it's kinda redundant to announce that i am bullish tonite ??? <GGGGG>
now, i'm not sure that whether this upcoming short term rebound <which may have already started today> will turn into an intermediate term basis, or not; but, the possibility is quite high <4th wave ring the bell ?? - GGG>
anyway .. compx is currently trading in the short term 'bull' flag, in addition to the positive divergences in both of its RSI and MACD !!
*the lower trend line of the flag shares the same upper down trend line of the fork, which ought to yield some <if not strong> support between 1815 to 1760 tomorrow !!!
*on the other hand, the upper trend line of this particular bull flag ought to be trading at the 150.0% retracement of the last week broken bear flag betw 2030-1922 @1868+/-, and gradually declining to 1835+/- in the afternoon !!!
thus, keep an eye on these 2 trend lines tomorrow for the next short term direction of the trend !!
- breaks 1868+/-, it's heading higher, perhaps much higher !!!
- breaks 1815+/-, i'll liquidate those long positions that i bought this afternoon !!!
here are the updated retracement supports/resistances:
betw 2028-1820
- 1979
- 1949 *breaks this; it's rock 'n roll time !!!
- 1924
- 1900
betw 2244-1820
- 2144
- 2082
- 2032
- 1982
betw 2593-1820
- 2411
- 2298
- 2207
- 2115
nothing has been altered to the january bear flag between 2892-2250, nor the last week short term bear flag between 2030-1922, which were both posted last nite !!
10dma should be trading in line with the short term 38.2% retracement @1949+/- tomorrow !!!
just an observation ... and i'm always wrong !!!
regards,
auto
ps. definitely not an advice to buy/sell any securities !!! |
