COMPX
so, it broke the neck line of the intraday inverted H&S, shattered its 10dma, broke its february down trend line; but instead of breaking out decisively and confirmed the up trend, it has formed the BEARISH rising wedge in the current up trending !!!
now, i'm not sure if the current chart pattern will or will not evolve into something else !!! but for now, unless the wedge morphs into other bullish formation, one should be cautiously 'bearish' here !!!!
one thing to note .. the current wedge formation is best viewed through the intraday 60min chart !!! however, if one looks at the daily chart, it looks like a bear flag instead !!! either or, they're both bearish formation !!! furthermore, both of the intraday RSI and MACD do not confirm the current up trending !!!!
the upper trend line of the wedge ought to be tradng @1985+/-, and gradually rising tomorrow !!! breaks this trend line, it does NOT mean the mess is over; but it does indicate that the up trend may continue further in the short term basis, which in turn, may alter the current formation !!!
the lower trend lines of the wedge can be drawn 2 diff ways !!! one of the lower trend line will yield a support @1950+/- in the early session tomorrow, and rapidly ascending !!! the second lower trend line ought to be trading 1910+/- and also rapidly ascending into the trading session !!! if compx breaks 1950+/- tomorrow morning, holding longs <in my humble opinion> is a very dangerous proposition !!!! but, it should not be considered a 'break down' yet since there is yet another lower trend line rite underneath !!! however, should compx not be able to hold on to the lower trend line <which will be trailing @1910, again, rapidly rising into the trading hours>, be careful !!!! by the way, the already broken february down trend line ought to be trading in conjunction with this support @1910+/- tomorrow !!!
again .. since compx did print a higher high today, there is a slightly change in the retracement figures, which also represents the retracements for the wedge <if it's broken during the upcoming consolidation>, if compx cannot make a higher high tomorrow !!!
- 1936
- 1909
- 1887
- 1865
- 1838
- 1794
- 1750
- 1723
- 1701
all other retracements which were posted on saturday are unchanged !!!
again ... just a thought .. and i'm usually wrong !!!
regards and good luck tomorrow,
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