COMPUSD hit my buy targets, but the support line morphed to shakeout weak hands. I think we will retest $275 resistance. If the support line breaks, I'd sell and rebuy at the next support level in the $140s. Let's see what happens.
Comment:
Mmm... Didn't go my way... but I'm not sweating yet. I should have accumulated more when it touched near $160, and I will certainly double down if it gets into the $140s.
Comment:
An upward breakout of uptrend resistance is *much* more rare and meaningful than an upward breakout of downtrend resistance. This local drop from $230 down to $210 has a higher probability of being a shakeout than the start of a new downtrend, but it's technically possible to sink deeper. Either way is okay with me, but statistics favor longs right now. If it holds above $210 (even if it twiddles around a couple of dollars lower, that's fine), then we could see another bullish wave to $250 in the very near future.
Trade closed: target reached:
Bingo. Still looks pretty strong though.