CMP magnet read
magnets and related support and resistance: 6.25, 8.875, 9, 9.875, 10.00-9.875 area, 10.75, 11, 11.50-11.625 area, 12-12.125 area, 12.5, 13.75, 14, 14.25, 14.50, 14.75.....
the S&Rs marked "area" are uptrend or downtrending lines. the others are horizontal.
CMP broke downtrend resistance today (10-9.875 area). Will be watching for volume tomorrow which would signal that a near term run at the 11.50-11.625 area is likely. Once CMP hits the 13 area it will likely be repelled sharply by the overhead magnets which are highly concentrated in the 13.75 to 14.75 area. IMO it will be a long time before CMP sees anything north of 14.75. Could base in that area for 3-6 months once it gets there. A good trading vehicle, not a good long yet.
IMO of course
ht
david |
