(Click Directly On Chart To Enlarge)
Since the recent high at 11.94, XING has been struggling, technically. It went back below the channel in blue, it went below the July 25 low of 10.21, so this can't be the Right Shoulder of a Bullish Inverse H&S pattern. The Right Shoulder should be higher than the Left Shoulder.
XING has, however formed a Bullish Falling Wedge pattern (in purple), which only is bullish on a breakout above the top of the pattern, at 10.986 for today.
XING gapped up at the open, and just now printed 10.99, so it's broken out, technically.
The overall pattern since late July also looks like a Bullish "Cup and Handle" formation.
3 comments:
Hi Melf, good to see you. This is Stocky from 3SoF. You can also visit my blog at
funnytrader.blogspot.com
And, just want to commend you for your excellent TA skills. They are great source of info and inspiration. Keep up the good work.
Hey Melf,
I'm glad I'm not the only poster here. Looks like you have a lot of old pals from 3sof. Funny how we all have a blog haha.
As for XING, I was very happy with the action today. Volume was above average with a rise in PPS. You don't think this can be a Inverse H&S anymore? I still think of this as a H&S play. Hopefully tomorrow will be a repeat of today. Good luck to you.
Hey Stocky and Thai!
It's like "old home week" in here lately. LOL. I'll sure visit your blog, Stocky, and thanks for your kind comments.
Thai, no, we can't consider the pattern in XING to be an Inverse H&S anymore because it broke below the 10.21 low of the Left Shoulder.
In the Right Shoulder, there should be less interest in selling, prior to the upside breakout, which is one of the indications of bullishness.
"All done selling? BREAKOUT!"
It almost doesn't matter in this case, though, because the pattern sure looks like a Bullish "Cup And Handle," and if it breaks out above 11.94 - 11.95 resistance, it "should" have the same bullish outcome as the Bullish Inverse H&S would have.
It looks like we'll have another gap up opening this morning.
XING currently is indicated at BID 11.70..ASK 11.75, below 11.94-11.95 resistance. If/when it takes that out, I'd like to see some volume, like QXM had on its breakout yesterday.
Good luck! Nice to see you, guys!
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