XEL

Hi RMc,

I just chose to show the chart I did on the 16th as it's the one which shows the Fibs, H&S, RSI trendline backtest and the old downtrend ie it illustrated the points I was making.

No other reason mate.

I keep old charts for a while so that when I check back I can see what I was thinking at the time and therefore I can check to see how my thinking compares to what happened in reality. It's a really good way of learning.

Hi Jack

Why does your chart end mid Jan?





Regards RMc

Hi Nev,

I've been tracking a possible inverse H&S on this share for some time. I had a target entry at 94p but it only went to 94.5p so I had to buy in at 100 in the end. What really does if for me is the perfect backtest of the RSI downtrend breakout (this is only valid if the RSI trend is formed from a divergence).

Here's the chart from the 16th Jan:



dl.dropbox.com/u/20815047/XELdaily16_01_13.gif

Still looks to be playing out nicely but needs a close above the neckline at c. 111.5p to open up targets of 138p and then 150p IMHO.

I'm a perma Bull on this , so any sign of hope is enough for me to get warm inside. Everyone else thinking about this share, be careful, it could cost you a lot in terms of time, energy and more importantly money. Best wait for a big move, as this could be a zombie for another year.

Xcite Energy can be summed up as Big Up, Big Down leading to Big Confusion and a range bound market.
However, more recently it's formed quite a neat chart pattern. So if it breaks out of this there is a possibility of some more upside.