$COMPX - major inflection point

Per the chart below, $COMPX broke above the resistance line not long ago and is now back testing it from above.  If it cannot hold this line and falls back into the channel the chances that the 2009 rally is over rise signficantly.

If it can hold the line then a larger throwover is possible.

Having said that, on the 120 minute chart at the bottom of this post I showed how the chart was resting immediately on top of the support line for the rising wedge which has been in place since early 2014 and the bias was for a break down back into the channel. 

Today,  $COMPX did exactly that - it broke back down through a multi-month support-resistance line.  These are always more important to watch for the break down than the break out.  The breakout usually spells exuberant buying.  The breakdown usually represents buyer's remorse.  The next few days are going to be very important for the markets.