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XEL daily 01/10/13

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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 we'd have to see how it looks when it gets there if that happens.

I'd consider going long at that point, or on a break and close above 127p. Until then it could just be another long sideways drift. Time will tell, as ever :-)
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