First here's the daily chart. We can clearly see the break of the uptrend support would gives cause for concern but there are also some bullish aspects to this chart so there are some mixed signals.There's clearly a descending wedge down from the 240p top which is usually a bullish pattern (called a pennant) and despite a dip out of it the sp still closed just on the wedge base.The last 4 days have also formed a very similar pattern to the period from 19 to 24 June with dropping price and increasing volume and if the SP does turn up here then there will be a positive RSI divergence which forms when RSI makes a lower low but price makes a higher low during an uptrend (this is often a continuation pattern).All of the above, apart from the trendline break, is a bit spurious of course, but there are...

A quick update on SLE as I've been told there's some excitement about it. This morning we've seen both price and RSI hit their downtend resistances which have held so far so this would have been a sell for me at that downtrend.I'll only consider a long here at the RSI support or on a price close (and RSI breakout) above that downtrend resistance. Other than that I remain neutral on San Leon. Original link...

Finally some price action to take note of in XEL after a lengthy period of sideways movement.Thursday saw the first close above the final downtrend resistance (there were others from higher price points which have been seen off with little impact). What makes this one appear different was Friday's price action.After a gap up on open, the price dropped back to test the downtrend and was bought back up to near the open forming a hammer and a successful backtest which should be seen as a sign of strength by the market.The only downside to this is that the RSI closed right on its own downtrend resistance, but this trendline comes from the all time high at 425p, not the high which formed the price trendline, so if this can be taken out we are likely to be in a new trend. The weekly chart shows that this is likely...

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...