BioTech Stocks look to be making a serious recoveryAfter what looked like the beginning of an equity bear-market to some, Biotech stocks seem to be setting up for more bullish momentum.
XBI trade ideas
XBI Trades perfectly in this channelNice test of upside resistance. Gap fill below before eventual breakout to the upside?
XBI in Range ShortXBI is currently bearish in this range with S/R levels in green. This indicates a good buy for LABD. XBI is a short to 79$.
XBI Revised Channel TradePredicted a bump at the third red arrow, haven't seen that yet but it may come soon. Medium-term, there should be a double-bottom around the blue arrow and then a continued upward trend to the channel top as long as the price doesn't break through the bottom of the channel.
XBI Hitting Channel Bottom with Strong Reversal CandlesWaiting for sideways consolidation and a small double bottom for confirmation.
Entry @ Approx 82.95 within a day or two after a second small bottom peak. Stop @ Approx 81.25 Exit @ Approx. 86
Risk maximum of 2% Reward approx 3.7%. Can increase investment once channel starts to trail upwards.
#Biotech looks appetizing at these oversold levels ..Easy chart setup: Buy at or below the Green Line! $XBI $IBB
