Cookie Policy

Chartsview Blog

The Latest Blogs from Chartsview

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Archives
    Archives Contains a list of blog posts that were created previously.
  • Login

XEL daily 02/07/13

by in ChartsView Blog:
  • Font size: Larger Smaller
  • Hits: 5243
  • 0 Comments
  • Subscribe to this entry
  • Print
5243
Picture
It's been a while since my last update on XEL but that's mainly because not a lot has changed until the last couple of days. There's talk of a possible 123-low breakout but I remain unconvinced (for now) that this indicates a trend reversal.

[Not all 123-lows result in trend changes as all corrective moves (upward moves during a downtrend) should also feature a 123-low move]

It's still my opinion the the whole move down from 127p looks bearish, with the today's move up to 106p possibly being a counter move (wave 2) to that down from 113p. It pretty much hit the 61.8% Fib of the last drop which is ideal for a wave 2 up.

More important for me is to see what the RSI does. We can see that is closed bang on its downtrend resistance from the 127p high so I'll be looking to see if it reverses from here taking price with it, or if it breaks (and closes) out before the price gets to its equivalent resistance at 111p.

Certainly one to watch as it's at a key level today so there could be a good trade e
0
Trackback URL for this blog entry.

Comments

  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Tuesday, 08 October 2024