XING: Ascending Triangle Breakout To Resistance

(Click On Charts To Enlarge)

In the first chart, we can see that short-term, XING had an Ascending Triangle breakout late yesterday morning that put a target of 10.06 IN PLAY, right in the 9.98-10.08 resistance area, basis the daily chart.

Math for the Ascending Triangle:

9.44 - high (the more conservative of the 9.46 and 9.44 highs)
8.82 - low if the pattern
9.44 - 8.82 = 0.62 points added back to 9.44 = Target: 10.06 IN PLAY

The stock closed yesterday at 9.95, right below the 10.08 - 10.00 down-sloping trendline (currently at 9.98) of the six week top in the daily chart, and XING now is at the bottom rung of stacked resistance.

Yesterday was the first bullish move in XING since the (1) earnings, (2) $11.80 stock purchase and (3) Dutton disasters. All three fundamental events were Bull Traps.

Any CLOSE above this first level of resistance is reason to give the Bears pause instead of paws :)

The latter will depend on the quality of any further rally here. Shorts likely will use the following initial resistance levels to cover:
1. 9.99 - 10.08 (the nearly horizontal trendline)
2. 10.23 - 10.27 (the November 6 Dutton "sell pivot" and the 50 DMA, respectively)
3. 10.81 ( TWICE validated resistance following the Dutton report).