From July 2:
"...this Crash Target of 4.11 from July 17, 2007 get MADE, two weeks shy of the Crash anniversary.
Since the Crash, a total of 19 targets on the upside and the downside also have MADE, so it's been a great trading stock, but most of the targets have been on the downside."
The last two attempts at a bottom (the patterns in black and in green) were failures. The July low for this move down was 3.76, just below the 4.11 Crash Target that was IN PLAY for nearly a year. With that out of the way now, XING currently is attempting to put in an Ascending Triangle/Double Bottom and needs to take out 5.50 to complete it.
When calculating pattern targets for a Double Bottom, I always use the more conservative of two choices, which in this case are the lows of 3.76 and 4.01, so I'd use the 4.01.
5.50 - 4.01 = 1.49 points + 5.50 = 6.99 IN PLAY if XING takes out 5.50 and holds above it. That target would be within three cents of Dutton's $7.02 target.
If it's an Ascending Triangle, 5.50 - 3.76 = 1.74 points + 5.50 = 7.24 IN PLAY.
Both targets are against the dominant trend, which is bearish, so they are less likely to get MADE than they would be if they were in concert with the trend.
On any breakout, near-term Resistance is:
6.69 - 200DMA, which is dropping a penny or two each day
6.26 - 6.78 - April - May Rectangle
2 comments:
Welcome back! I have question about two others stocks (uyg and skf) where do you see these going. Thanks Tony C
Hi, Tony,
I don't do stock analysis by request due to my own time contraints, but thanks for your interest.
I also don't make predictions, but rather, I try to follow the patterns and the targets that the breakouts/breakdowns put IN PLAY, like last spring in the UYG and the SKF. All of those targets MADE. (See past posts on those, beginning May 2).
Good luck!
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