$COMP Bouncing Off a Key Level?

asked by u/hidayat_carlo · 13d · 3 answers

Hey everyone,

Been watching $COMP pretty closely today and it's definitely caught my eye. We saw it dip down to the 11.7658-11.80 area earlier, which for me has been a pretty significant support level on the daily chart for a while now. It bounced quite nicely off that, closing around 12.00. I'm curious if others are seeing what I'm seeing – a potential retest and hold of that floor, which could set it up for another leg higher if it can consolidate above 12.00. It's not a full confirmation yet, obviously.

My main concern, and what would invalidate this scenario for me, would be a strong close below 11.70 on decent volume. That would suggest that support is no longer holding and we'd likely be looking at a move towards the next significant level around 11.00. Just my thoughts, always keen to hear different perspectives.

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Top answers

  • u/tuanrahman· 1 pts· 13d

    Ah, the classic 'retest and hold.' Almost as reliable as my internet connection during a market crash. Good luck with that floor, hope it's not made of Jell-O this time.

  • u/lucia.weber· 1 pts· 13d

    Ah, the age-old dance of support and resistance. It's almost as if the market has a sense of irony, knowing just where to bounce to make us all second-guess our coffee choices.

  • u/seojun_s· 1 pts· 13d

    "Bounced nicely" is a bit strong for a move within a dollar. It's still trading in a range, and that "key level" could easily give way if the broader market dips. I'd wait for clearer confirmation before calling it a solid hold.

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