XEL

Could be a monster hammer here today but needs to close back above the uptrend at c. 104p for both the trend and the hammer.

Lot of stops got hit on this to take it down imho but it held at first major support below trendline which was 88.75p (hit 90).

Gonna needs wide stops below 90p though.

Should be a free trade now here. Needs to close > 116/7p for a downtrend breakout otherwise it could resume the drop.

PS A close below that trendline brings into play supports at 88.75, 83 and 64.75.

This chart me a little of SXX leading up to, and down from, its double top at 30p so be careful. A 123-low trade might be the best policy here.

Today's close will be important IMHO.

This is currently at the uptrend support from the 64.75p low and key 104p level. Here's yesterday's closing chart:



dl.dropboxusercontent.com/u/20815047/FTS...XELdaily20_11_13.png

Just for those who still follow this one.

I forgot to add, on the Weekly, although it has broken out of its high from March this year, it has still to breach the other main point from September 2012.

Daily - Lots of indicators looking like it may go overbought soon, (RSI @ 73 points) but as we all know, it can go there and stay overbought for quite some time.

Also a positive was the hold of the 123p level after a back test.

plus.google.com/photos/11021777614980907...10217776149809078048


What is a little disappointing is the lack of volume behind this move, it wouldn't indicate a seismic event any time soon.

Weekly time-frame, perhaps the 131p level (current 200d MA) may provide a bit of a barrier.
As always, thoughts, discussion & comments most appreciated.