XEL possible 123 low in progress

There is a small 123 low formed but its not the best looking.
For real strength to come this has to breakout of the 123 low and also break the down trend line.
As can be seen from the chart this has been in a clear down trend for a while now.

support..24.75
Resistance..36,,,41.5 (trendline),,,43,,,54.75


dl.dropboxusercontent.com/u/4899609/xelx9thfeb2015.png

Any chance of a chart for where Xel is going, I have been in from £3.80 and averaged down to £1.20, as you can imagine it's been a rough ride not helped by the fact my other shares were xtrata (Glen) and banks.

I'm hoping we are on the verge of an upwards trend (ever the optimist). Thanks for any comments.

Nothing on XEL for while. Still seeking its bottom? Well below 5 year lows (37) now at 28 . Any views or are we all just waiting for the crude bottom to emerge first? Seems a lot of oil companies will go belly up but can the North Sea and XEL in particular which is not producing survive?. Serious ramifications for whole of Scotland and UK oil industry if cant.

Hi RC,

Just a SL strategy for my own personal circumstances in this particular case, entered early on 31 Oct (actually at 43.8p prior to reaching 123 low breakout point of 44.75p, did this because buying volume was high and I was pretty confident it was heading for breakout which it did, then later on Friday I sold half my original holding at 46.5p for modest little profit. Reason I subsequently have set my own stop for remaining half at 42.9p was that on Monday the upward momentum and volume was clearly absent, as indeed it was today as SP continued to retrace. So I'm just really happy to bail completely if it hits my stop and I still keep some profit.
If it decides to head upward again to complete the 123 low then of course I'm happy to let the remaining half ride
Sorry I didn't post too much detail about my own strategy in this case because it was a bit unorthodox and not the recommend way to trade a 123 low so didn't want to confuse the issue ')

Hi Count
Any reason behind SL below 43?

Would it not be sensible to have your stop below the low of friday's big green candle or
ideally below the rising trendline ( below the low of candle on 29/10)

Dont have a position and dont see a change in downtrend here but could have been a swing day trade based on the 123 low breakout - GL with your trade

Looks like the anticipated 123 low is turning into a bit of a wet firework, since the promising rise with volume at end of last week, volumes have been pitifully low since then. I'm still holding but with stops at just below 43.