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XEL daily 31/07/13

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Tricky one this. Clearly price has dropped through the trendline however the RSI has closed on its trendline which formed from the bullish divergence. Often, but not always, this can be a sign of a false breakout so there's still a chance it could reverse from here. If the RSI follows it down then that's unlikely until at least the lower trendline IMHO.

There's a clear "cup" type formation with the "rim" at 113p so it may be worth looking to see if a handle forms - the RSI, currently suggests it could - back up to 112/3p which would target c. 130p if it occurs. Below 96p and the lower trendline and the drop could get nasty so make sure you have stops in place below the important 96p
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