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XEL daily 11/07/13

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At last there's a signal for a possible move here with a breakout of the daily RSI. My only reservation about this is the fact that the RSI trendline didn't come from a bearish divergence which is my usual criteria for this trade.

The SP closed today at 104p which is historically a significant level. On its own that tells us nothing but if it can close above 106p then there will have been a breakout to a higher high following a higher low (I'm referring to the pattern since the 96.4p low).

Real strength will only come on a break of 113p as that will form a significant higher high and a trendline break.
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Guest Sunday, 18 November 2018