(Click On Charts To Enlarge)
Chart #1: When looking at the very Short-term, the Hourly Chart can give us clues, as this chart did on the breakout above the 5.88-5.89 top of the Ascending Triangle (pattern in white). The 6.66 target was exceeded by a wide margin, and since rallying to 7.24 (the 7.15 area of the Bottom Rung Of Resistance), XING has been trading in a Symmetrical Triangle ([pattern in yellow), which "should be" a Bullish Continuation pattern, since the short-term trend is bullish. A parabolic rally beyond 7.24 most likely would have been met with selling, so it's technically better to see XING take a rest, as it has, and form this Symmetrical Triangle pattern, from which potentially, it can launch another (continuation) rally. If XING can break out of the Symmetrical Triangle pattern, a target of roughly 7.65 would be IN PLAY as long as XING holds the breakout, which would be about 7.19 for tomorrow, April 10 (these Scottrade charts aren't always accurate).
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. EDIT: I'm unable to post this on the Yahoo XING Board. Error Message 999. If anyone can post my blog link to that board, I'd appreciate it. TIA.
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