Qiao Xing Universal Telephone (NASDAQ:XING) traded in a range yesterday that spanned from a low of $1.66 to a high of $1.75. Yesterday, the shares fell 4.60%, which took the trading range below the 3-day low of $1.67 on volume of 139,000 shares.
Shares of Qiao Xing Universal Telephone are currently trading below their 200-day moving average (MA) of $1.90 and should find support at their 50-day MA of $1.58. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Qiao Xing Universal Telephone and our subscribers were alerted to Sell on January 25, 2010 at $2.12. The stock has fallen 21.7% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $1.67 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Communication Equipment industry.