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XEL daily 03/06/13

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I've got to say this this was a bit of a surprise move yesterday and seemed to come on very little volume though I was only able to watch on my phone as I was out all day.

The volatility and relatively low volumes makes this a but tricky and not so reliable, but note how that 61.8% Fib held almost exactly (that's where it went into auction surprise, surprise) and then subsequently got sold off.

I'm afraid I still can't help the feeling that the move from 88.75p is corrective (ie against the trend), especially given it's current and apparent 3 wave form, preceeded by what appeared to be 5 waves down [5 wave move are always in the direction of the current main trend but can also be the last move of that trend].

Downtrend resistance from the 250p high is at 116.5p today so that's the initial upside figure to watch. Below 99.25p and it should go lower.
The hourly chart shown here illustrates a bearish divergence in RSI at yesterday's high and how the RSI support from the bullish divergence at 88.75p triggered yesterday's spike up.

Similarly to GKP's current hourly chart, I'll be looking to see which side the RSI breaks our from for a clue to direction.
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Guest Monday, 16 May 2022