Xcel Energy Inc. is a US energy group. The main business areas of the company, which is listed in the S&P 500, include the production and sale of electricity and natural gas. The group was founded in 1998 and has its headquarters in Minneapolis, Minnesota. In the following analysis, we will examine the stock of the company from a technical point of view.
The stock is still in an intact upward trend, and is currently about 50% into the correction of the previous upward movement. In order to find an entry in the long direction, we should be on the lookout for signals in the subordinate trend.
In the hourly trend, we could soon see upward-pointing 123s occurring (blue arrows in the hourly chart). Here, the entry can be made at the point 2 or subsequently from out of the correction, with a stop loss at the point 3 that will have formed by then.
For a target level, we can use the area around 50.50 USD (green zone). If the value significantly and sustainably falls below 45.20 USD (red line), the long scenario should be abandoned.
Before trading, one should take news in the environment and from the company into account. Similarly, one should also observe the overall market.
Disclosure of possible conflicts of interest: at the time of publishing this analysis, the author is not invested in the securities or underlyings discussed.
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