COMPX
thus, today compx gapped over the neck line up to the upper trend line of the bearish flag/channel in the intraday basis, failed and broke the flag during the 3rd hour into the trading, then gradually declined to close near the low of the day slightly below its 10dma @1920+/- !! yes, it does look bad in the daily basis with that 'dark cloud cover' lookalike !!! but since it has not yet broken its short term intraday rising wedge <which is large enuf to morph into an up trending channel> to the down side, nor its short term bullish divergences <MACD and RSI> have been breached, it's hardly bearish, YET !!!
anyway ... i suspect that compx may gap higher tomorrow !!! keep an eye on the same neck line <broken, but retreated to trade lower; but will not re-adjust the trend line until the next time it ascends higher>, which should be trading in conjunction with the short term intraday down trend line and the 38.2% intermediate term retracement @1935+/- tomorrow !!!
however, at the moment, i do not expect it to be able to hold the gap; and wont be surprised to see it's heading lower to test one of its short term intraday up trend lines, which is trading in conjunction with its intermediate term 61.8% retracement, and is its current lower trend line of the 'bear wedge' @1885+/- tomorrow !!! if compx fails to hold this trend line, i'll be very careful holding long positions; but NOT yet turning bearish in the short/intermediate term basis !!!
bearish trend in both of the short/intermediate term basis should be recognized ONLY IF compx breaks the adjusted lower trend line, which will also be trading in conjunction with the short term 61.8% retracement @1857+/- !!!
so, should compx be able to rebound from any of these 2 supports, the upcoming rebound may indeed turn into an intermediate term up trending since it'll complete the first half of the cycle with a higher low !!! please note the word 'MAY' .. it still needs to confirm the trend with a higher high during the rebound to complete the full cycle !!!
current s/t retracements <slightly altered due to today's higher high>
- 1921
- 1897
- 1877
- 1857
all others retracments which were posted on saturday are still the same !!!
as always, just a thought ... and i'm usually wrong !!!
regards and good luck,
auto |
