COMPX 08/02/01
compx slightly probed the upper t/l of the infamous intermediate term bullish wedge, but failed to close above the t/l today !!! in the last couple of days, compx has been ascending within the short term bearish wedge, which has been expanding !!! furthermore, compx has been trading near the overbought sentiment in the last couple of days. it has never retreated far enuf to the oversold sentiment territory. it retraced just enuf to release some of its overbought sentiment before it ascended back up to the overbought territory again; and now, it's again reaching the same overbought area !!! thus, should it be able to break the intermediate term wedge to the upside, there is a very high probability of retesting the 'presumably' broken trend line !!!
the upper t/l of the large wedge <intermediate term> ought to be trading @2077+/- !!! thus, if it's gapped higher, chances are it'll blow the top open !!!! keep an eye on where it goes in the first 15-30 mins !! since the 30 mins chart has pointed down, if it turns rite down after the initial upgap, there is a good chance it maybe a down day tomorrow. on the other hand, if it's gapped lower, keep an eye on the key support @2053+/- to ignite the consolidation !!!
the key support @2053+/- represents the lower t/l of the s/t bearish rising wedge, 38.2% retrace of the current s/t rising wedge, 61.8% retrace betw 2181-1973, 50% retrace of july's high, and 38.2% retrace of the april's wedge !!!
- 2174
- 2138
- 2100
- 2085
- 2077
- 2054-2058
- 2038
- 2026
- 2010
- 1994-9
- 1982
- 1974
observation only ... and i maybe wrong !!
regards,
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