COMPX
so, compx gapped higher, retested its broken lower t/l of the intraday bearish wedge and failed; trended lower; broke several supports; then, closed near its low @1782+/-, and along negated the indecision/reversal 'doji' printed friday as suspected !!!!
anyway ... as bad as it looks in its daily chart, there are several positive divergences in the short term basis !!!! first, compx is now trading/forming a "BULLISH" wedge in the short term basis !!! now, i dont know whether the current wedge will or will not morph into the short term bullish flag !!!! for those of ya who like to see it for yourself, the upper trend line of either of the formations started at the peak of its broken bear flag on 03/27 @1979+/- !!! furthermore, the bullish divergences has now extended into its 60 mins intraday RSI and MACD, where they werent in the picture as of the closing on friday; they were both making a higher low while compx was making a lower low today !!!
thus, for tomorrow, if compx is heading higher, keep an eye on the upper trend line of the wedge, which ought to be trading in conjunction with the previous low @1794+/-, and gradually declining !!! should it be able to break this trend line, i suspect that it may retest its 10dma, which is trading in conjunction with its intermediate term 61.8% retracement, @1868+/-; and its short term 38.2% retracement @1899+/-, respectively !!! please note that the retracements will be revised if compx makes a lower low tomorrow !!!!
on the other hand, if compx is heading lower, the upcoming support ought to be @1750+/-, where if broken, the lower support on its lower trend line of the bullish wedge, which is trading in line with the 1.382% retracement of the previously broken wedge, should be trading @1723+/- !!!
personally, i dont think the compx maybe testing its lower trend line of the wedge tomorrow !!! should it rebound there, i wouldnt be surprised if the upper trend line of the wedge is broken on wednesday, where it should be trading at the lower figure !!!
here're the revised retracements for today :
1980-1769
- 1930
- 1899
- 1875
- 1850
2028-1769
- 1967
- 1929
- 1899
- 1868
2244-1769
- 2132
- 2063
- 2007
- 1950
the retracements from the broken wedge is left untouched !!
1980-1794
- 1936
- 1909
- 1887
- 1865
- 1838
- 1794
- 1750
- 1723
- 1701
then again .. just a humble opinion .... and i'm usually wrong !!!
regards,
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