mile and all re: COMPX
so, compx broke the wedge, gave up 61.8% of its wedge, closed near the low, which is below the feb down trend line <upper trend line of the fork>; but it did close just outside of its steep down trending channel/short term bull flag !!! with the inverted hammer being printed in the 60 mins intraday chart, it MAY rebound tomorrow morning !!!! however, i'm not sure whether or not it'll be able to hold on to its rebound and ascends higher !!!
keep an eye on the 2 very important resistances if compx will indeed ascend higher tomorrow !!!
1) 61.8% intermediate term retracement between 2028-1794, which will be trading in conjunction with the february down trend line @1883+/- tomorrow !!!
2) 61.8% short term retracement @1865+/- should be the first clue !!!
for those of ya who like to draw a trend line ... the close at the trend line support @1850+/- actually turned the rising wedge pattern into a rising flag, should compx be able to ascend higher tomorrow !!!! they're both considered to be bearish formations !!! however, if you examine it carefully, it is also forming the near perfect rite shoulder of the short term intraday inverted H&S !!! so, if it can rebound tomorrow, one should not ignore the possibility of the s/t break out .... but, that's something to be mentioned again when it's trading closer to the neck line !!!! <if it's going to go up there at all - GG>
anyway ... generally, once a main trend line is broken, there'll usually <but not always> be a retest of the broken trend line !!! since it does have positive divergences already appears in its 15 mins chart, and coupled with the fact that it is now trading at the short term oversold sentiments, one shouldnt ignore the possibility that compx may ascend higher tomorrow <i currently have no position> !!! should the compx be able to ascend and breaks the afore mentioned resistances @1865-1883 respectively ... i would NOT be surprised to see it heading higher test the partial unfilled gap !!!!!
on the other hand, should it fail to hold on to the current support @1850+/- and continue to descend lower, it may descend as low as 1701+/- in the short term basis, considering the size of the current wedge <flag> !!
retracements
1980-1853 <in case we'll get the rebound tomorrow>
- 1950
- 1931
- 1917
- 1902
1980-1794
- 1936
- 1909
- 1887
- 1865
- 1838
- 1794
- 1750
- 1723
- 1701
2028-1794
- 1973
- 1939
- 1911
- 1883
2244-1794
- 2138
- 2072
- 2019
- 1966
and again .. just a humble opinion .. and i'm always wrong !!
regards and good luck tomorrow,
auto
ps. mile - nice chart <GG> |
