XING - 7.79 - 7.89 Resistance

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From April 9 Comments:

"Chart #2 is getting ahead of ourselves, but if XING can rally somewhere near the last high of the Bearish Rising Wedge, at 7.79 on February 4, then pull back and consolidate, that could set up another nice base for a breakout and a further rally."

Chart #1 is a repost of the April 9 chart, and Chart #2 is an update of how that scenario has played out, thus far. XING rallied a little above 7.79, to 7.89, establishing the "possible" neckline for a 3+ month Bullish Inverse H&S and has sold off on QXM's earnings into a "possible" Right Shoulder.

Notice that in this Ichimoku Kinko Hyo chart ("At a glance...The Table of Balance), XING rallied above the Kumo, or "cloud" resistance (the vertical red lines) on the rally to 7.89, and that the stock currently is finding support at the top of the Kumo (cloud). Also, the 20DMA made a Bullish Cross of the 50DMA this week for the first time since QXM's earnings last November 14, and XING has managed to close above the 50DMA the past three sessions.

The chart is looking constructively bullish, similar to the "possible" Bullish Inverse H&S pattern that we had in January, that failed. That pattern was much smaller; only about a 6 week base. This pattern is a little more than 3 months' duration, so that's better. XING now needs to capitalize on the constructively bullish factors and go up and knock out that 7.79 - 7.89 neckline.