RCKS, it is entirely possible. The shorter term charts are neutral to moderately oversold. The 60 min. COMPX is moderately oversold with bearish divergences in the MACD. If we re-test, we negate the bearish divergence.
The 15 min. is oversold and at the bottom of a trendline dating back to Nov. 21. It could be in a triangle, which may be bullish in this uptrend.
However, the daily is overbought. The MACD is crossing over and a rounding top seems to be in place.
I'm just waiting and being prudent by trimming back positions. I don't know if the re-test of the highs will happen, but the charts indicate that it certainly can.
Today's economic data was good, and really helped to offset the mid-east violence and oil price pressures. Very hard to trade, hey.
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