Considerations for COMP on the 4H

Been watching $COMP on the 4-hour chart. We're retesting what looks like a pretty significant resistance around the $60-61 area. It's been rejected there a few times in the past couple of weeks. If we get a sustained break above that on decent volume, I'd consider it a bullish development, potentially targeting the low 70s.

However, the downside risk here is a failure to break through. A clear rejection from this level, especially if accompanied by a drop below the recent swing low around $56, would likely signal a continuation of the short-term downtrend. That invalidates any bullish bias for now, and I'd be looking for retests of the $50 range.