XING

[ygtrdr]

Let's see if XING can close above that descending trendline. 

[Melf Elf]

Bought XING at 12.67.  Stop: 12.48.  Risk: a loss of 1½%.

Sold 25% of my XING at 13.40.  Gain: 5.8%.

The top of the Bull Flag came in today at 13.19503.

The top of the Descending Triangle came in today at 13.40314.

Technically, we've got a DOUBLE breakout, if it holds up.  Looks good.  I took some at this target area, where the gain is 4 times the risk that I took, and to defend against a false breakout.

Thanks for that news, Scotsman.  

Let's see if XING can close above that descending trendline. 

ygtrdr,

That'd be nice. 

We need 13.41.  XING currently is BID 13.42...ASK 13.43.

[la-onda]

 

[Melf Elf]

We're back above the BIG Descending Triangle, the bottom of which was 13.88-13.90, so we might pull back at any time, but the rally has been pretty to watch.

Bulls are wanting to buy XING on a gap fill.  Shorts aren't worried here.  Breakouts would have both groups in a little "shock and awe," and they'd have to scramble to buy.

Shock and awe...

[Melf Elf]

lets hope it starts xinging!!!

Scotsman,

How was that for xinging? 

[ScottishTrader]

its xinging and its rocking!!!

Awesome day 

[Melf Elf]

its xinging and its rocking!!!

Awesome day 

Scotsman,

I should say! 

XING got a pop just now:

Dutton Associates Announces Investment Opinion: Qiao Xing Universal Telephone Raised To Strong Buy Rating In Update Coverage By Dutton Associates
http://biz.yahoo.com/bw/070116/20070116006071.html?.v=1

They have set a price target of $20.24, which is fine by me 

We all oughta throw in, and send that analyst at Dutton a nice bottle of wine. 

Here's what I've got for targets on the DOUBLE breakout:

1. 14.22 - Top of the Bull Flag.  MADE on January 16.

2. 14.89 - Measured Move off the Bull Flag

3. 17.20 - Top of the Channel

4. 19.06 - Measured Move off the Channel breakout

Targets sometimes are exceeded, like the two targets were last autumn, so the Dutton analyst could get his 20.24.

No guarantees on any them, though, except Target #1: 14.22, which MADE already.

[raspi]

Met Elf are you still holding this one? Thanks for all your valuable comments. It nicely complements the fundamental analysis!

[Melf Elf]

Met Elf are you still holding this one? Thanks for all your valuable comments. It nicely complements the fundamental analysis!

rspisek,

You're welcome.  Yes, I'm 75% long.  If all goes well with this DOUBLE breakout, I'd expect to see us near the top of the channel, at 17.20, by March 13; no later than April 19.

I'd like to see a successful re-test of 13.90-ish here.  That's where the BIG Descending Triangle broke down on November 28, the day after I last sold XING for 13.94.  We had two "jam job" failures to get through that level, prior to Tuesday's breakout, so it would look very nice, structurally, if XING would go back there and re-establish it as the support it once was, last autumn.

We got back-to-back bullish signals in the MACD yesterday, so that could attract some addtional technical buying (see next post).

Good luck!

[Melf Elf]

MACD chart.

[ScottishTrader]

Not much to add on the TA front with XING, I'll leave that to you for now Melf, other than I agree, if XING can hold aove 13.88, it would feel pretty bullish to me.  We have a nice entry on this trade, and unless something goes really sour, it looks like we should make a solid gain here, just have to keep our wits about us!!

By the way, that Dutton Associates report was very encouraging, and despite the fact it is public domain, it is well worth a read if you haven't.  Makes me  think XING should have a very strong 2007

[Melf Elf]

Here's what I've got for targets on the DOUBLE breakout:

1. 14.22 - Top of the Bull Flag.  MADE on January 16.

2. 14.89 - Measured Move off the Bull Flag  MADE on January 18.

3. 17.20 - Top of the Channel

4. 19.06 - Measured Move off the Channel breakout

Target #2: 14.89 just got MADE.

[

[David Randolph]

I made this 3 minute look on XING a few days ago:

http://video.google.com/googleplayer.swf?docId=-7754870287879893816&hl=en

Which told me the stock has a forward earnings multiple of about 6 (earnings yield of 16.6%) and extremely strong revenue and profit growth in historical terms.

Yesterday the stock rose 6% on the face of a bloody market, so I don't need more  evidence to conclude that XING is going higher.

The Trading Plan is:

Buy 6.66% of capital in XING.

[raspi]

I had a feeling this would soon become a pick for this portfolio! It in fact rose about 6% in yesterday market. I am looking forward to this ride. Taken from the Dutton's report this week: In November last year, the Company completed the acquisition of the remaining 20% equity in Qiao Xing Mobile Communication Co. Ltd. and thus raised its effective interest in CECT (its mobile handsets operation) from 74.7% to 93.4%. These positive factors, along with the improvement in margins, had prompted us to significantly raise our EPS forecasts for FY2007 by 16.1% from $2.18 to $2.53.
 
http://biz.yahoo.com/bw/070116/20070116006071.html?.v=1
I really hope they will improve their reporting as promised.

[ScottishTrader]

Hey Melf,

So whats your take on our XINGer then?  Friday's candle looked a bit toppy to me, and I was disappointed that it broke down after such a strong start to the day.  Volume was fairly low throughout the rest of the day though, and only kicked in a bit at the end when it broke down from the intraday desending triangle at 15.05.  Fortunately it managed to pop up at the last minute and closed bang on there, at 15.05.  If we do get a pullback Monday, I would like to see it hold 14.50, Tuesday's high, but am thinking about taking some profits here, just so I've got some in the bank.

I put the channel breakout target at about 16.11 (i.e. measured move off the channel breakout - channel width (14.22 - 11.54 = 2.68) => 13.43 + 2.68 = 16.11) which is what I'm aiming for here, and I think it is doable in the short term, but we may get some consolidation first.

Still, XING has been way more explosive than I anticipated, and the weekly chart also suggests it wants to go up more, and break new highs.