To see how these technical set-ups will play out could tell us something about the usefulness ot technical analysis. Here is another situation:

Priceline Group

• Nearest Resistance: $1,250
• Nearest Support: $1,100
• Catalyst: Q1 Earnings

Wednesday is shaping up to be a rough session for shares of $60 billion online travel company Priceline Group  (PCLN - Get Report) . Priceline's shares are down nearly 10% as I write this afternoon, selling off following the firm's first-quarter earnings results. Priceline actually beat estimates for the quarter, generating profits of $10.54 per share, versus the $9.66 in earnings that analysts were expecting. That said, the firm's forecasts for the second quarter missed the mark, and that's what's driving the selling in Priceline this afternoon.

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Technically speaking, Priceline's selling today is pretty significant. Shares are violating support at $1,250 today, a breakdown that's triggering the double top pattern that's been forming in shares of Priceline since the end of February. From here, support at $1,100 looks like the next potential pocket of buying pressure for shares on the way down.

A new week and the stock rebounded a bit, but still (just) under the $1250 resistance..