COMPX 07/23/01
who wouldnt agree with me that although it was trading with a slight down trending bias, last week was one heck of a roller coaster .... one day up, next day down, and on and on !!!
mixed signals are on every charts i've looked at over the weekend !!!! i dont know whether the option expiry was saving the mkt, or was it locking the mkt in its tight trading range !!! regardless, in the intraday short term basis ... i suspect that compx may head higher on monday, and perhaps tuesday's morning prior to the next s/t intraday consolidation, UNLESS of course if it crashes here !!! compx closed rite on the lower up trend line of the april's rising channel on friday <the channel which has morphed from the bear wedge> !!!
the intraday sentiment indicators are trending near the oversold territories, accompanying with the bullish divergences !!!! one of the conspicuous bullish divergence has to be the RSI and stocholastic in its 60 mins chart ... they both trended higher while the compx was trading up/down in its tight trading range on friday !!!!
in addition, compx trended/broke the 2 days <thurs/fri> bullish down trending wedge in the late afternoon friday !!! at the moment, i dont expect the broken bullish wedge to be negated; thus if compx is gapped higher than 2033-2036 tomorrow, there is a good chance that it'll continue to ascend higher to test the 7/2 down trend line resistance between 2055-2066 !!! if what i suspect is correct, 2055-2066 will pause the up trend until the 15 mins overbought sentiment declines to an acceptable level, and then there should be another retest of the trend line resistance. the tricky part is .. if it fails to break the trend line on its rebound, it may hint the short term top, which may in turn roll over the 30/60 mins into the bearish trend bias !!! on the other hand, if it breaks the resistances betw 2055-2066, the upper resist ought to be @2078, 2087, 2098, and the key resistance @2119+/- !!!!
now if what i suspect turns out to be totally outta whack ... and compx relentlessly retreats from here, the lower supports are @2020, 1999, 1982, 1975, and 1953 respectively !!!
observation only ... and i maybe wrong !!
regards,
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