COMPX 06/22/01
dont think we'll neither crash nor break out, yet !!!! sentiment indicators are all over the places; intradays are getting overbought, daily is at its oversold, and weekly is trending wayy up there !!! likely to be trading in the trading range between 2013-2119, i suspect !!!!
compx broke and closed above its key support/resist @2055+/- !!! keep an eye on the same overhead resist @2084+/- tomorrow !!! it should be a strong resist since the 10dma will also be trading at roughly the same figure !!! if compx can break the 2084+/-, i wouldnt be surprised for a second that it will try its 50% retracement of the current down trend <rite shoulder>, and its broken neck line, both trading @2119+/- !!!
on the other hand, should compx fail and retreat below the support @2055+/-, the 2 intraday supports maybe able to sustain the retracement @2038, and @2013 respectively !!!
- the 2038 represents the 38.2% of the current short term up trend <2 days>
- the 2013 represents the 61.8% retracement of the same up trend, and the broken down trend line which started from the peak of the rite shoulder !!!
however, should the compx retreat lower than the 61.8% intraday retrace @2013+/-, next week may not be as rosy as most bulls are anticipating !!!!
as always ... just an observation; and i maybe wrong !!!
regards,
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