XBI Reversal Inevitable?
Taking a view from the long term I see the following:
1. Whenever volume has reached spiked in the past, it's led to a bullish or sideways move.
2. Whenever the MACD has reached current levels in the past, it's led to a bullish or sideways move.
3. We are currently at strong support (psychological 100 and previous long term resistance)
4. MACD histogram is showing a bullish divergence
Would expect a test of ~118 within 2-3 months.
After this we'll have to see if it will start to trade sideways in the 100-120 range, or if it's ready to go for new highs.
1. Whenever volume has reached spiked in the past, it's led to a bullish or sideways move.
2. Whenever the MACD has reached current levels in the past, it's led to a bullish or sideways move.
3. We are currently at strong support (psychological 100 and previous long term resistance)
4. MACD histogram is showing a bullish divergence
Would expect a test of ~118 within 2-3 months.
After this we'll have to see if it will start to trade sideways in the 100-120 range, or if it's ready to go for new highs.
Trade closed: stop reached
Was a bit optimistic again it seems.
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