COMP - Watch Out

If COMP closes under the 2 890 support level I will sell my longs and go short. It looks like we had a key reversal day yesterday. If COMP goes above 2 958 that signal is cancelled out, but if not and if we closes under 2 890...

Well, then I am want to be out of my longs and loaded with shorts!

COMP - More Buy Signals. But Is It Only A Bear Market Rally?

We got more buy signals at the NASDAQ Composite Index, COMP, when it closed above the resistance at 2 890. See the long chart in previous blog post.

I continue with my long positions, but I move my stop up to 2 829. We have an important trend line which provides support around the horizontal support at 2 834. I do not want a closing below that level.

It is a very real risk that this up move is just a big bear market rally. If so, the downward movement could become dramatic.

So, because of that I want to dance close to the door.

Stockmarkets Move Up. Heavy Resistance Soon.

The stockmarkets continue to show strength. How far will we go? There are heavy resistance at the 2 890 level on COMP. See the monthly chart attached.

Even More Buy Signals

NASDAQ Composite Index got even more buy signals now that it managed to break the resistance level at 2 750.

Now we rapidly move against my goal around the 2 888 resistance area.

Buy Signals in COMP

NASDAQ Composite (COMP) is moving higher. We have got several buysignals.

Stochastic is on a high level, but in this kind of market COMP could continue to rise in spite of that.

Now it looks like COMP could go up and test the resistance area around 2 888. It looks though like this is a bearmarket rally, so I will trade with close stops.

COMP Moving Upwards

NASDAQ Composite Index (COMP) has been moving up and down between 2300 -2350 and 2550-2650 several times the last few months. If you traded according to my analysis of support and resistans in my commentary of August 8 you should have made same good trades.

Now we have still have a support area around 2300 and a resistance area around 2600-2670. It looks though that we could have a good chance of breaking upward and reach the area around 2880. Therefore, be careful with your short positions. Use thight stop losses or only use long positions in your trading.

I will now add to my long positions with a stop loss at 2580.

Stockmarkets Sharply Down After Sellsignals

The stockmarkets worldwide has received several sellsignals. All long positions are sold when COMP went under the stoploss level at 2590. Stocktrends are still sharply down. The potential from the COMP-sellsignal is around 2310. We closed today at 2357 so we are pretty close to it... Now the area around 2600 is a new resistance level. If we get a rebound up close to 2600 it could mean a good shorting opportunity with a stoploss at 2710.