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To: AlienTech who wrote (194)	4/6/2001 12:01:27 AM
From: ken-l	Read Replies (1) \| Respond to of 470

COMPX i understand that some of you are very pumped up rite now; but put that behind ya ... this thing is not even close of being outta the wood !!!! so, compx was gapped to open at its upper trend line of its short term bullish flag, and it took off; along broke several strong resistances, and completely filled one of its gap between 1759-1770 !!! very impressive, indeed !!! anyway, the full gap <between 1706-1698> and the partial gap <between 1706-1638> it created this morning will be considered 'breakaway', which is bullish, ONLY if it does not get filled !!!! since it was ascending steeply and forming the intraday 'bearish' wedge/flag today; the probability of its retracing back down to fill it is quite high, UNLESS the wedge/flag is negated, and morph into something else, or perhaps rebound just above its gap support <i'll come back to this> !!!! no, i did not say that it will not ascend higher tomorrow, as a matter of fact, it may and can ascend much higher if the employment figure is favorable to the mkt <based strictly from the daily chart, and its oversold in the weekly/monthly basis>; but i'd just like to emphasize that one should be cautiously bullish here !!! the minimum requirement of the rebound from the breakout of its short term bull flag was fulfilled today when compx tested and broke the 61.8% retracement of the flag @1757+/- !!! the next higher retracements of the broken flag ought to be @1800+/- and @1842+/- respectively !!!! there are several key supports and resistances that the attention should be paid accordingly tomorrow !!!! keep an eye on the rather steep lower trend line of the intraday bearish wedge/flag, which should be trading between 1765+/- in the early session, and rapidly descending to 1827+/- at the close !!!! if u notice, the 10dma is currently trading @1822+/- !!!! generally speaking, if compx can break and confirm a close above its 10dma, the trend is successfully changed in the short term 'daily' basis !!!! now, i think we all agree <arent we> that this intraday up trending is quite steep, and the adjustment to the lower trend line is much needed, which in turn should establish a new up trend line <preferably 1-1 gann slope> if the retracement does not damage the trend first !!!! in addition, the MACD and RSI already started to show some negative divergences in its 5 mins charts; which normally will spill over to the longer time frame charts !!! thus, chances are the current intraday up trend line/lower trend line of the wedge/flag may not hold !!! the tricky part is where it's going to stop its retreat !!! currently, i'm looking at the low <if broken> of not lower than the february upper down trend line of the channel, which should be trading in conjunction with the 61.8% retracement of the last trading range of its previous short term down trend betw 1852-1619, @1708+/- !!!! note that the support @1708+/- is also where the today's gap support !!! so, should it break below this support, i suspect that it may not hold its previous bottom in the short term basis; which negating today's big move entirely !!!! now, i mention last nite regarding its weekly chart .. as of the closing today, it printed the reversal 'hammer' in the weekly basis !!!! if compx is not crashing back down tomorrow, its weekly chart looks promising !!! i'll bring it up again over the wkend !!!! 1785-1620 - 1746 - 1722 - 1703 - 1683 1852-1619 - 1797 - 1763 - 1736 - 1708 1980-1619 - 1895 - 1842 - 1800 - 1757 2028-1619 - 1931 - 1872 - 1824 - 1775 observation only ... and i'm usually wrong !!! regards, auto