XEL hourly 11/06/13
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Here's XEL's hourly chart going back to the RSI low which formed the bullish divergence at 88.75p a few days later.
We can see that the trendline was confirmed later with a further bounce which pushed the SP up to the 112.5p area forming a bearish divergence (you can see the lower high in RSI at the higher high in price). This bearish divergence resulted in the break of the RSI uptrend, followed by a retest (which actually broke back above, briefly) and a rejection.
We can see that the trendline was confirmed later with a further bounce which pushed the SP up to the 112.5p area forming a bearish divergence (you can see the lower high in RSI at the higher high in price). This bearish divergence resulted in the break of the RSI uptrend, followed by a retest (which actually broke back above, briefly) and a rejection.
One obvious aspect of this chart is the big gap up from 92.5p so I'd suggest it's at least likely to fill that. There are a few possibilities here actually which is why I'm staying sidelined. I might be tempted to go long at that gap
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