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XEL daily 31/05/13

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There's not really been any significant movement on XEL since the rise off 87p to 111p as the price has stayed range-bound between those levels ever since.

I've left the wave count on but that's subject to change so shouldn't be relied upon. I know it's a wide range, but for me the levels to watch are those mentioned above - long above 111p, short below 87p.

On the positive side, the RSI has remained above 30 and has peaked at around the 80 mark since May 2012 and the 64.75p low which followed. Based on this RSI alone, it would seem that the uptrend from 64.75p is still in play. A close above the downtrend resistance shown (this is from the 250p high, not the 425p one as that's already gone in a sideways move) which stands at 116.8p today would be bullish too.

The main uptrend from the 2p days stands at 81.8p today
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