As I type, XEL is at its short term uptrend support at 115p. Ordinarily, this might be a place to place a long trade, however it's been here before recently on the backtest of the downtrend breakout so a return to this price level is bearish imho.Also, there's a possibility of an RSI uptrend breakout preceeding a price one today which can often be an early indicator and the MACD histogram has just gone negative which adds weight to the bearish view.As with so many AIM stocks, this has been another great example of how it's best to avoid bulletin board rumours and just follow the charts: price and RSI both hit resistances at the same time (127p) so it was clearly a time to exit or take profit. A close below the short term uptrend could possibly see a return to the lower trendline at 109.5p (rising daily) and...

I wish I'd been paying more attention to this recently as the rise on the FOMC news last Wednesday took gold to a lovely area to short it from.Not only was 1375 the perfect backtest of the trendline break, but it was also the original breakout point for the last drop (shown by the label 1) so there were two important resistances coinciding there, hence the sell-off.For now, though, it's not clear which direction it will move in. I've put on a possible wave count for the last 2 main moves which suggest a bearish outlook and a new low below 1180, perhaps to that 1150 area we've previously discussed, though we cannot be sure this will play out.The best way to play this now would be to go long on a break of 1375 (which, as long as there isn't a new low first, would be a 123-low breakout...

Almost 2 months on from the last entry on this share and we're almost at the target area of 6p.I've attached the weekly chart as it's much easier to see where the important 6p support comes from. In addition to the previous price low, it's also the target of the "M" shaped move which double topped at 30p and dipped to 18p in between.I'll be looking to buy this support but with a stop in place as if 6p goes then it could easily see 2p again. Original link...

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It seems I was right to stay out of this as we're back here at 56p today and, again, close to that major support at 53p.It's worth going long from there with stops below the round number of 50p as it's such an important level. If it goes then next supports are at 38.25p, 33p and then 20p.Resistances (place to take profit if the trade works) are at 65p, 71p and 76p, the latter, not only a price high but also where the downtrend resistance will be in a week or two's time.  Original link...