COMPX 06/07/01
well ... compx failed to break the upper resistance @2255+/- as expected !!! since it closed the day with the 'spinning top' reversal pattern, one may assume that it may descend lower tomorrow !!!
keep an eye on the first obvious support @2000. should it fail, there are several key supports rite underneath @2184, 2174, 2164, 2143**, and 2098 respectively !!! i suspect that the rebound will come if and when compx is testing the key support @2143+/- tomorrow !!!! like i mentioned last nite, i do not expect the current consolidation to be a strong one !!! however, should compx fail to hold its support @2143+/-, the lower, more critical, support ought to be the neck line of the head and shoulders formation, which is trading in conjunction with the 61.8% retracement of the intermediate term up trend between 2872-1620, @2098+/- !!!
on the other hand, if compx turns around and negates its daily reversal pattern, keep an eye on the same key resistance @2255+/- for the break out !!!
last but not least, keep an eye on the volume during the break on either directions !!! the volume determines the decisiveness of the break-out !!!
again .. just a thought ... and i maybe wrong !!!
regards,
auto |
