COMPX 04/10/01
there are a few hints that compx maybe ascending higher tomorrow !!! first, it's the classic consolidation <side way consolidation with declining volume> in the past 2 trading sessions after the strong up gap on thursday !!! during the past 2 trading sessions, compx retreated and rebounded off the major trend line in both days !!!! for today, it gapped higher to the upper down trend line @1755+/-; trend line which connecting 2 peaks on 03/27 @1980 and the peak on thursday @1785 !!!! it then descended lower to but rebounded prior to testing its 61.8% short term retracement @1708+/- <today's low was @1710+/-; close enuf i think - gg>, along forming the intraday bullish wedge !!!! then, it broke the wedge to the upside, and rebounded to close slightly "above" the same upper down trend line which it failed in the morning; creating the so called 'harami cross' indecision/reversal pattern !!!
since compx is trading within the 2 important trend lines, it is almost unavoidable to be trading in the current range tomorrow; and a break out to either of the directions, which in turn should point out the next coming overall short term trend, should be expected !!!!
although it already broke the upper down trend line to the upside in the intraday basis, it has NOT yet shown up in the daily chart !!! thus, keep an eye on the broken trend line which should be trading in conjunction with the short term 61.8% retracement of the current consolidation @1732+/- during the first hour tomorrow !!!! if it fails to hold the support @1732+/- during the crazy hour <the 1st hour>, keep an eye on the short term up trend line which is trading in conjunction with its other short term 38.2% retracement, @1722+/- !!!! should compx test and rebound from either of these supports, being long maybe a better choice !!! once the resistance @1752+/- is successfully taken out, the next resistances should be its upper gap resist and the short term high which are both trading in conjunction with the 10dma @1783+/- tomorrow; then the horizontal trend line resistance <which is trading in conjunction with the intermediate term 50% retracment> @1800+/- !!!
OR, should compx gap over the strong upper trend line resistance of the short term intraday rectangle, which is trading in conjunction with the 38.2% short term retracement of the current consolidation @1752+/-, it should be heading higher, along filling its upper gap, in the short term basis !!!
on the other hand, if compx fails to ascend higher tomorrow, the lower supports are @1700+/-, 1680, 1650, and its current low @1620 respectively !!! should it fail to hold the support @1700, i wouldnt be surprised to see it filling the entire partial gap between 1700-1738 !!!!
even though i am more inclined to believe that compx is heading higher tomorrow, it is better to wait for the confirmation !!! whichever way compx breaks out <presumably with a more decisive volume> tomorrow, it should be considered the next short term trend of the overall tech sector, IMO !!!!
1785-1700
- 1765
- 1752
- 1743
- 1732
1785-1620
- 1746
- 1722
- 1703
- 1683
1852-1619
- 1797
- 1763
- 1736
- 1708
1980-1619
- 1895
- 1842
- 1800
- 1757
2028-1619
- 1931
- 1872
- 1824
- 1775
partial gaps
1700-1638
1785-1757
1925-1972
full gaps
2004-2041 <partially filled up to 2028+/->
2124-2161
2457-2536
as always, just a thought, and i maybe wrong !!!!!
regards and good luck,
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