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SXX daily 03/06/13

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The RSI breakdown followed through as expected yesterday with quite a bearish day back down to the short term uptrend support. I bought a few at this level yesterday as I posted in the comments on the last chart update but I'm not confident and will look to bail out on any further weakness.

The 22.5p to 27.5p move in May seems very similar to that which is currently happening in XEL so it will be interesting to see if Xcite follows in the same way.

One note of possible bullishness here: the RSI has made a new low whilst price has not yet. This could be what is known as a momentum discrepancy reversal point which is kind of the opposite of a bearish divergence and could be a pattern of continuance of the uptrend from 22.5p. There's plenty of short term support between 22.5p and 24p but if that gets taken
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