$XBI Starting New Bullish Trend?
XBI has been range bound (wide range) for a year. Recently it has been in a downtrend as defined by lower highs and lower lows. However, it looks like we now have a recent higher high and (maybe) a higher low. There are still technical challenges like it is under all moving averages. It would look much better once it gets above the shorter-term MAs which are all declining. The MACD is on a slight downward slope as well.Having pointed all that out, I will be looking at a lower time period chart to get an early entry with a tight stop. If I do take a trade on this, I will post the chart I am looking at. All TBD.
This is my idea, if you like it, please make the trade your own and follow your own trading rules.
Trade active
XBI I have started a position here with about 30 minutes left in the trading day. My cost is 90.69 and I'll have a stop on a close below todays low. Let's see what happens. I am using the 5 minute chart to see how this has been trending today.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.