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Xcite Energy (XEL): Constructive Technicals

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Here are the latest extracts from Zak’s new premium blog AIM Stocks Charting
Xcite Energy (LSE:XEL): Key 50 Day Moving Average Support Targets 120p Plus

Given how closely followed Xcite Energy shares are it is probably sensible to hold back on bearish calls so as not to upset the many holders of this stock. But at the same time on the buy side there is the temptation to over egg the targets here, which has to be resisted. Nevertheless, the current set up as far as Xcite appears very constructive in the sense that we have been treated to multiple successful tests for support at and above the 50 day moving average at 98p, with the added plus point being the way that the 200 day moving average has just started to tick higher over the past week.

This 200 day line behaviour normally precedes an accelerating move to the upside, and it can be said now that while there is no end of day close back below the 50 day line at 98p the target for Xcite is the former October resistance at 120p plus as soon as the end of March. Once again, this is as conservative a take on the shares as it is possible to serve up at this point.

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