Today was the 3rd inside bar in a row for XEL but with lower highs and a 104.5/104.25p low each day it's looking a lot like a small descending triangle to me which suggests it will break down, probably tomorrow.
If so, the target would be about 5p so around the 99p mark. However, we should not assume that it will break down but wait to see which way it does break and then trade that direction. More importantly, we have the uptrend and downtrends converging imminently so they will decide the short/medium term direction.
If so, the target would be about 5p so around the 99p mark. However, we should not assume that it will break down but wait to see which way it does break and then trade that direction. More importantly, we have the uptrend and downtrends converging imminently so they will decide the short/medium term direction.