Get started
SPDR Series Trust SPDR S&P Biotech ETF
Long

XBI is running into head & shoulder pattern

By swinger
Updated
lets form the Right shoulder, it is good opportunity to scalp a long to 64.24 which happens to be in the clones level. Watch closely to see there is no further decline over neckline.
Note
snapshot looks every time when RSI dip to around 30, the bottom is formed. Finger crosssed, watch Monday closely.
Trade active
snapshot SRPT pulled this down somemore, SRPT did mess the XBI chart, but I am ignoring the neckline violation. The h4 hammer was a good sign to long. Trade with caution.
Note
technically we are still at the neckline, closed my position. will re-enter if it clear 60.81
Note
s3.amazonaws.com/tradingview/snapshots/e/eNYCjA3u.png bottom build is in progress, this might resume the right shoulder build. Watch closely.
Trade closed manually
This not valid for the moment, could be sideways, caution and keep an eye on it
Note
this could be a perfect reversal signal
snapshot
Trade closed manually
biotechclonesHead and Shoulders
swinger

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.