COMPX 08/09/01 - final episode
so, compx failed to break above the upper trend line of s/t bull flag @2037+/-, and had the mini crash today ... which along negated the indecision doji, and broke the bull flag to the down side !!! i dont think i need to remind ya, but heck, that's one heck of a bearish signal !!! first, it had a failed break out <have ya redrawn the May's upper down trend line, yet ??>; then, it negated the short term bullish formations !!!! thus, it may imply that the upcoming rebound may not be as strong as most are anticipating; but if it descends lower, it may and can be stronger than expected !!!
anyway .. keep an eye on the lower support @1943+/- which MAY provide some short term rebound tomorrow since it is currently trading at the oversold sentiments !!! if it does rebound, the first key resistance ought to be the lower trend line of the negated bull flag, which should be trading between 1974-1982 tomorrow !!!
- 1974 also represents 50% retrace of the april's up trend betw 2328-1620
- 1982 also represents the 1.382% retrace of the H&S betw 2328-2078
should rebound is strong enuf, and it can break above this trend line, the resistance on the upper t/l of the same flag are betw 2025-2013 !!
- 2025 also represents 50% retrace of the previous up trend betw 2103-1942; and 61.8% retracement of 07/01-07/11 down trend betw 2181-1934
- 2013 also represents 61.8% of the current down trend betw 2103-1958
at this moment, i DO NOT expect compx to be able to break above both of these trend lines. but, if it does, the next resist ought to be @2048, 2060, and 2087 respectively !!!!
on the other hand, if it manages to slip through the lower trend line support of the rectangle @1943, there are a few minor supports @1923, 1915, 1900, and the key support at its lower trend line of the famous wedge @1890+/- !!!
1890 also represents the 61.8% retrace of the april up trend betw 2328-1620 !!! thus, if it indeed goes all the way to retest this major support, a rebound should be anticipated !!!
just a thought .... and i maybe wrong !!!
since most of ya know that i have been posting nitely TA on the compx for almost 2 years, due to the personal obligation, i will no longer be able to provide the mumbo jumbo analysis on the nitely basis. <GGG>
regards and BEST of luck all,
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