As the broader market started pulling back in mid February, X also topped out and has been heading lower ever since. If you remember, There was a nice breakout pattern developing as X jumped above $62. Turns out it was purely technical and as folks noticed that the global economic recovery isn't as strong as your retail broker likes to think, X will not have as much business going forward.
On the chart below note the upward sloping dotted blue line, which served as support starting in October of last year. That support broke two weeks ago and next more meaningful support may not arrive till the $51 area.
