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XEL daily 02/07/13

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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
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