XBI - Starting the year strong with a minor breakout
Biotech stocks have been my focus as many are showing significant relative strength and posting new 52 week highs. I got long XBI yesterday on the break of $85.
Something to consider - stocks well below their all-time highs have a lot of supply to contend with, so the probability of a smooth trend out of a base tends to be lower and raises the probability of failure. The larger degree consolidation could look like this if the selling isn't absorbed by enough buyers at resistance:
Something to consider - stocks well below their all-time highs have a lot of supply to contend with, so the probability of a smooth trend out of a base tends to be lower and raises the probability of failure. The larger degree consolidation could look like this if the selling isn't absorbed by enough buyers at resistance:
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