XEL

XEL

Question please.

As XEL has broken its weekly trend (red) and stalled do we re-draw the weekly trend line, green? I know I asked this the other day for uptrend, I presume a downtrend line is the same?

dl.dropbox.com/u/21384991/Xcite%20Energy...w%20%20%28DFB%29.png

I was looking for around 84.2-87.5, same as tradesmarter I believe. But not sure, as its bounced of the daily uptrendline this morning. Still very early but a doji is forming right on support.

dl.dropbox.com/u/21384991/Xcite%20Energy...D%20%20%28DFB%29.png

Seems it needs to close above 106 for another crack at 138 then 178.

Here's what i see.....

dl.dropbox.com/u/40497882/Xel_Daily.JPG

rgds...WS

screencast.com/t/YNI3bjbT6QJV

RSI looks interesting on the daily. Was watching to see whether we get a 3rd strike on that putative rising RSI trendline to confirm it. At the current time I'm also thinking 85-88 for a buy.

I'm also interested in the answer to your question regarding trendlines.

LTV - yes, redraw the trendline in the same way IMHO. I also have it at the short term uptrend support today but I'm not convinced enough to have a go.

Yep redraw.
True trend line breaks are powerful . So you won't need to redraw them.
This has gone sideways and that normally messes trades up based on trend line breaks.

Well it seems xcite has broken the daily uptrend support.

If this closes below this, it opens up 87.5 then 84.2.

dl.dropbox.com/u/21384991/Xcite%20Energy...12.h%20%28DFB%29.png

1st Trance at 87.5. Then wait and see.