(Click On Chart To Enlarge)
11.50-11.53 is the bottom of resistance, where XING failed on Tuesday.
11.94-11.95 is resistance from the XING's failure to hold the Cup & Handle Breakout
11.97 is resistance from the failure at the top of the Hourly Descending Triangle.
This morning, they opened XING on 100 shares at 11.94, near the very top of resistance, immediately dropped it to 11.67 on 6,904 shares, then dropped it to fairly quickly to 11.52, the very bottom of the of the resistance range.
As manipulated as that open looks (and it could be), there's something very different about this morning's open vs. the other three opens this week:
Those three opens resulted in FAILURES AT OR BELOW RESISTANCE.
This morning's open resulted in a REESTABLISHMENT OF 11.50-11.53 AS SUPPORT.
If the only thing that XING manages to accomplish in today's session is to hang onto to that 11.50-11.53 support, that will be a constructive session. XING then will be short-term neutral instead of bearish, and it will be "poised to go higher" on the release of earnings if they come out soon.
Anything better than that today, an upside takeout of 11.94-11.97 resistance, obviously would be very good.
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