XING - More Technical Difficulties

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After the July Crash, XING turned short-term bullish on September 20 when it took out the 9.98 pivot of a "W"-Bottom (or, Double Bottom), followed through to the upside the next day, and continued higher.

On the first pullback from 11.94, we would expect 9.98 to be support.

"Former resistance 'should be' support."

It was. The October 5 low was 10.08. After the October 26 earnings "Gap To Crap" Reversal, we had several levels of "possible support," but none of them held, so we again were looking for 9.98 - 10.08 support to hold.

November 5, XING put in a low of 10.00, so the 9.98 area was support again, as it "should have been."

November 8, however, after putting in an early morning high of 10.25, just below the 50-day moving average at 10.26, XING broke that key 9.98 - 10.08 support level to the downside.

On any rally, we've now got "stacked resistance" at:

1. 9.98-10.08

2. 10.80

3. 11.09 (the red up trendline, coming off the October 5 low of 10.08. It rises daily.)

4. 11.50

5. 11.94-11.97